Energy giant BP on Thursday faced heavy criticism from shareholders over its decision to slow its energy transition, with activist investors promising to block the re-election of the head of the board of directors.
Some of Britain’s biggest pension funds have warned that they will oppose the renewal of Helge Lund’s mandate at the annual general meeting in London.
Activist shareholders’ group Follow This, which wants “Big Oil to go green”, has also put forward a resolution calling for BP to be more ambitious in its climate objectives, AFP reported.
BP in February announced that it expected to boost its profits between now and 2030 by investing more in both renewable energy and hydrocarbons, slowing the pace of its transition.
Environmental group Greenpeace, which only last year was calling BP “the most ambitious” of the global majors, criticised the plans, accusing them of bowing down to investors and governments.
Activist group Nest said it wants to see BP “investing more in low-carbon solutions and renewables, instead of new oil and gas sites.”
“If BP continues on this path we have serious concerns about them reaching their net zero goal and the long-term success of the company,” it said.
