Finance
Activist shareholder follow this vows to fight BP on climate resolution
Published by Global Banking & Finance Review®
Posted on March 11, 2026
2 min readLast updated: March 11, 2026
Quick Summary
Shareholder activist group Follow This is challenging BP’s exclusion of its climate resolution from the AGM invite, threatening legal action to force its inclusion.
Activist Group Follow This Vows to Fight BP's Climate Resolution Exclusion
BP Faces Legal Challenge Over Climate Resolution at AGM
LONDON, March 11 (Reuters) - Climate shareholder activist group Follow This said it would fight BP's decision not to include its climate resolution in its annual general shareholder meeting invitation.
Details of the Climate Resolution and Investor Support
- Follow This filed the resolution alongside investors who manage about 1 trillion euros ($1.2 trillion) in assets, including Groupama and the Ethos Foundation, as well as a number of European local pension funds.
Demands for Greater Climate Transparency
- The group demanded BP disclose longer-term strategies under scenarios of declining oil and gas demand, but BP did not include the resolution in its notice of meeting issued last week.
Potential Legal Action by Follow This
- "If BP does not comply within two days, Follow This and investors will pursue injunctive relief in court ordering BP to circulate the resolution to shareholders," Follow This said in a statement.
BP's Response and Rationale
- A BP spokesperson said: “The board determined, having taken legal advice, that the proposed resolution did not conform to legal requirements. Moreover, we have a clear strategy with multi-year targets to drive long-term shareholder value across the cycle and remain fully committed to responsible industry-standard climate related reporting.”
Upcoming AGM and Historical Context
- BP's AGM planned for April 23.
- Follow This started filing climate resolutions at shareholder meetings in 2016 and attracted peak shareholder votes in subsequent years of 80% at Phillips 66 <PSX.N>, 60% at Chevron <CVX.N>, around a third at Exxon <XOM.N> and Shell <SHEL.L> and a fifth at BP.
($1 = 0.8588 euros)
(Reporting by Shadia Nasralla)
Key Takeaways
- •Follow This, backed by investors managing about €1 trillion, filed a resolution demanding BP disclose long-term strategies under declining oil and gas demand scenarios; BP excluded it from its AGM notice (worldenergynews.com)
- •Follow This will seek injunctive relief in court if BP doesn’t include the resolution within two days (worldenergynews.com)
- •Follow This has previously gained significant shareholder support at major oil companies—peaking at ~80 % at Phillips 66, ~60 % at Chevron, ~33 % at Exxon & Shell, and ~20 % at BP—and is refocusing its campaign on financial risk scenarios amid declining demand (euronews.com)
References
Frequently Asked Questions about Activist shareholder Follow This vows to fight BP on climate resolution
1Why did Follow This file a climate resolution against BP?
Follow This and major investors demanded that BP disclose its long-term strategies for a future with declining oil and gas demand.
2What happens if BP does not include the climate resolution?
If BP does not comply within two days, Follow This and investors plan to seek injunctive relief in court to order BP to circulate the resolution to shareholders.
3Why did BP exclude the climate resolution from its AGM notice?
BP's board, following legal advice, determined the resolution did not conform to legal requirements and highlighted their existing climate-related reporting and strategy.
4When is BP's next annual general meeting?
BP's annual general meeting is scheduled for April 23.
5Who are some of the investors supporting Follow This?
Investors managing about €1 trillion, including Groupama, the Ethos Foundation, and several European local pension funds, support the resolution.
