Finance
Activist shareholder ACCR, pension funds urge BP to show shift to oil and gas will deliver value
Published by Global Banking and Finance Review
Posted on February 3, 2026
2 min readLast updated: February 3, 2026
Home > Finance > Activist shareholder ACCR, pension funds urge BP to show shift to oil and gas will deliver value
Quick Summary
BP is urged by ACCR and pension funds to justify its shift to oil and gas, aiming to improve profitability. A resolution will be discussed at BP's annual meeting.
Pension Funds and ACCR Demand BP Justify Shift to Oil and Gas Strategy
Pressure on BP to Justify Oil and Gas Investments
LONDON, Feb 3 (Reuters) - UK and European pension funds and activist shareholder ACCR are pushing BP to publish more information to prove its strategy of shifting spending from low-carbon to oil and gas projects will boost shareholder value.
Details of the Shareholder Resolution
A year ago, BP under then CEO Murray Auchincloss announced the strategy reset back to hydrocarbons, saying this would improve profitability, after an ill-fated foray into renewables under his predecessor Bernard Looney.
Upcoming Leadership Change at BP
ACCR said on Tuesday that it filed a resolution, co-filed by a group managing 191 billion pounds ($262 billion) in assets, calling on BP to provide more details on why it thinks shifting more spending into oil and gas will deliver better value for shareholders.
It wants BP to publish the relative cost-competitiveness of each project, how the company accounts for cost overruns and delays and how continued spending on oil and gas exploration pays off.
The resolution will be tabled at BP's annual general meeting expected in April or May.
BP declined to comment.
NEW BP CEO STARTS IN APRIL
The British oil major is striving to improve its profitability and share performance, which for years has lagged competitors like Exxon.
Auchincloss abruptly exited the top job in December and will be replaced in April by Meg O'Neill, an Exxon veteran and most recently CEO of Australia's Woodside Energy.
The co-filers of the resolution represent 0.42% of BP's share capital, with Greater Manchester Pension Fund making up the largest proportion at 0.23%, a spokesperson for ACCR said. Other co-filers included London CIV, PUBLICA, Merseyside Pension Fund, Nest and Wales Pension Partnership.
Last year, a resolution by ACCR questioning Shell's bullishness on liquefied natural gas markets drew around 21% support of shareholders.
($1 = 0.7300 pounds)
(Reporting by Shadia Nasralla; Editing by Susan Fenton)
Key Takeaways
- •BP is under pressure to justify its shift to oil and gas.
- •ACCR and pension funds have filed a resolution for more transparency.
- •BP's strategy change aims to improve profitability.
- •New CEO Meg O'Neill will start in April.
- •BP's annual meeting will address the resolution.
Frequently Asked Questions about Activist shareholder ACCR, pension funds urge BP to show shift to oil and gas will deliver value
1What is a pension fund?
A pension fund is a type of investment fund that collects and invests money to provide retirement income for employees.
2What is shareholder value?
Shareholder value refers to the financial worth that a company's shareholders receive from owning shares, typically measured by stock price and dividends.
3What is corporate governance?
Corporate governance is the system of rules, practices, and processes by which a company is directed and controlled, focusing on the interests of stakeholders.
4What is an activist shareholder?
An activist shareholder is an investor who uses their equity stake in a corporation to advocate for changes they believe will enhance shareholder value.
5What is a corporate strategy?
Corporate strategy is a plan that outlines how a company will achieve its goals and objectives, including decisions about resource allocation and market positioning.
