Finance
Proxy advisors ISS, Glass Lewis recommend re-election of BP leadership
Published by Global Banking & Finance Review®
Posted on March 26, 2025
2 min readLast updated: January 24, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on March 26, 2025
2 min readLast updated: January 24, 2026
ISS and Glass Lewis support BP's leadership re-election despite shareholder concerns over climate strategy changes.
By Shadia Nasralla
LONDON (Reuters) - Proxy advisors Institutional Shareholder Services Inc (ISS) and Glass Lewis recommend that shareholders vote in favour of the re-election of BP's board and management at the April 17 annual general meeting, according documents seen by Reuters.
BP stock has underperformed rivals Shell and Exxon in the last five years, which investors have blamed in part on the company's 2020 plan to focus on growing its renewable business while cutting oil and gas production.
Having watered down that plan, BP accelerated its pivot back to hydrocarbons in a strategy revamp last month.
Activist shareholder Elliott Management, which has a near 5% stake in BP, has met several BP shareholders to try to forge a consensus for more changes at the oil major that could include cost cuts and a potential leadership reshuffle, two shareholders have told Reuters.
Another BP activist investor, Follow This, has called for a vote against Chair Helge Lund, claiming he should have offered investors a say on scrapping energy transition targets, a view echoed by other climate-focused shareholders.
"While some shareholders may have wished for an opportunity to vote on the Company's climate plans given substantial revisions, the decision not to present such a vote does not, in ISS's view, constitute a material failure of governance," ISS said.
Glass Lewis said in its recommendation document that "while we have some concerns surrounding the transparency of the decision not to present the updated climate strategy for a shareholder vote, we do not consider it appropriate for shareholders to vote against the re-election of director Lund on this basis at this time."
"We will, however, continue to monitor this issue, and expect the Company to improve its disclosure regarding its engagement on these matters going forward."
(Reporting by Shadia Nasralla; Editing by Jan Harvey, Tomasz Janowski and David Evans)
The article discusses ISS and Glass Lewis recommending BP's leadership re-election amid shareholder concerns.
BP's focus on renewable energy over hydrocarbons led to underperformance compared to rivals.
They are pushing for cost cuts and potential leadership changes at BP.
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