BP Shareholders Plan to Oppose Chair's Re-election
(Reuters) - At least two BP shareholders said on Friday they are planning to vote against the re-election of the oil major's outgoing chairman, Helge Lund, to the board following the company's shift away from renewables.
BP's seventh-biggest shareholder, Legal and General, said it was "deeply concerned" by the company's decision in February to reduce its focus on renewable energy in favour of oil and gas.
L&G, Britain's biggest asset manager, has a 1.05% stake in the company, according to LSEG data.
Dutch asset manager Robeco also said it plans to vote against BP's chairman and the chair of the safety and sustainability committee, citing a similar reason as L&G. It was not immediately clear how much stake Robeco owned in BP.
The oil major last week said Lund intends to step down "likely during 2026" amid a campaign by activist hedge fund Elliott for more change at the company after it announced its strategic shift.
BP in an emailed statement told Reuters that it has received widespread support for its reset strategy and the changes it laid out.
"The consistent message also received is that our focus should be on delivery – executing the strategy and hitting the targets we set out. That is our priority," BP said.
(Reporting by Yamini Kalia and DhanushVignesh Babu in Bengaluru; Additional reporting by Aatrayee Chatterjee in Bengaluru and Shadia Nasralla in London; Editing by Leroy Leo)
