BP chairman Helge Lund is at risk of being ousted in a shareholder revolt, with five of the UK’s biggest pension schemes planning to vote against his re-election.
The energy giant is under pressure from investors after watering down its climate commitments earlier this year, including choosing to reduce its targets for emissions reductions in February without seeking shareholders’ consent.
Universities Superannuation Scheme has joined forces with the National Employment Savings Trust in announcing plans to vote against Lund, as first reported by The Times.
Brunel Pension Partnership, a group of nine council schemes, also revealed it would vote to remove him, alongside two other pension umbrella groups, LGPS Central and Border to Coast.
The pension groups are aiming to encourage wavering investors to join the protest by announcing their intentions early.
Lund formerly ran Statoil and BG Group and has chaired BP since 2019.
He was backed by 96.6 per cent of shareholders at last year’s annual meeting.
BP unveiled record £23bn profits last year, and has committed to net zero emissions by 2050.
At last year’s annual meeting, 88 per cent of investors supported its climate plans.
Its targets included cutting oil and gas output by 40 per cent this decade. However, the energy giant reduced this target in February to 25 per cent, arguing that it needed to keep investing in oil and gas to meet demand.
BP has been approached for comment.
Alongside criticism over its environmental plans, the company faces a second potential revolt at a meeting next Thursday over bosses’ pay.
Glass Lewis, the advisory group, has recommended investors reject BP’s remuneration report after it docked only £78,329 from chief executive Bernard Looney’s £10m package over the deaths of four workers last year.