The oil giant faces the rebellion of shareholders on the green strategy.

Oil giant BP It is preparing for a violent reaction to the shareholders at its annual general meeting (AGM) on Thursday, with a group of disturbing investors planning to express their concerns about the company’s green strategy.

A plan to be re -elected The outgoing mandate The BP Helge Lund chair was described as an opportunity for investors to indicate indignation ClimateCorporate governance and effect United States Elliott Management.

Britain BesiegeThat has left more Hydrocarbon -focused in recent years, has sought to solve some identity crisis by launching a Basic reset.

In the endeavor to rebuild the investor confidence and increase the returns of shareholders in the short term, BP pledged in February to cut renewed spending and increase annual spending on its basic oil and gas work.

The strategy has been widely reset by power analysts, and the CEO of BP Murray Auchincloss has since then He said The axis attracted “great attention” in the non -essential assets of the company.

British Asset Director Legal & GENERAL, a pioneering shareholder in BP with a share of approximately 1 %, He said He intends to vote against Lund on Thursday – a position to challenge BP management recommendation.

Legal & General cited dissatisfaction with the main reviews of the company’s energy strategy, as well as BP decision not to allow the shareholders to vote on the new direction.

Legal & General plans are consistent with the plans of Robeco, UK Funds Funds Nest and Border to Coast, as well as active investors including the Dutch group follow this – all of whom indicated that they will vote against Lund.

However, the huge sovereign wealth fund in Norway and a number of American pension funds It is said They said they would return to the re -election of Lund. It also recommended the services of the institutional shareholders of the Agency and Glass Lewis advisors to vote in favor of Lund, According to Reuters.

It paves the way for the confrontation of the AGM shareholders in BP, where observers closely monitor the investor’s opposition level to re -elect Lund. Historically, voices against BP president remained less than 10 %.

A BP spokesman refused to comment when calling it by CNBC.

The renewed BP focus on oil and gas comes at a time when the energy company listed in London is in the spotlight as lights The goal of the possible acquisition. British competitor coincidence And American oil giants Exxon Mobil and Chevron All the kidnappers have been described.

“We are appreciating the important steps that BP has taken in recent years regarding its obligations and climate -related efforts, which we have supported through wide and constructive dialogues, aimed at creating a long -term value with climate transmission,” said the Legal & General Investment Team on April 11.

“However, we are very concerned about the recent objective reviews that were conducted on the company’s strategy as it was announced on 2025 capital markets on February 26, as well as a decision not to allow the shareholder to vote on the newly modified climate transmission strategy in AGM 2025.”

Legal and General BP’s said advertisement Earlier this month, Lund was most likely seen next year, “positively”, but the continuous discomfort over the company’s succession plan means that he intends to vote against AGM’s decision.

Five years ago, BP became one of the first energy giants to announce plans to reduce emissions to zero zeroBy 2050 or soonerAs part of this batch, BP pledged to reduce emissions by up to 40 % by 2030 and to reduce investment in renewable energy sources.

The company has reduced the goal of emissions to 20 % to 30 % in February 2023, saying at the time that it needs to continue investing in oil and gas to meet global demand.

Rubico He said Basically, BP refused to repeat the so -called “climate” vote for strategic review, despite the request to support shareholders previously for the previous and more “more ambitious” transitional goals.

“We have asked to no avail the fixed reactions mechanism several times, including in a public speech alongside other investors with the assets of 5 trillion pounds under management,” said Michel Van Ech, Rubico’s voting president.

He added, “As a result, we have increasing concerns about the company’s flexibility through the transfer of energy, and the consistency of its approach to climate governance, which prompted us to vote against the head of the Safety and Sustainable Committee.”

Elliott Management is believed, for its part, has been widely pressed on BP to reduce low -carbon investments and give priority to oil and gas. He – she back Recently, the active investor built a share of approximately 5 % in BP, making it one of the largest shareholders in the company.

This active shareholder, who has a long history of pressure for great oil to do more to address climate change, follows the need to vote against Lund has not yet disappeared news of his departure on the horizon. The group added that the investors concerned with good judgment must express their dissatisfaction.

“Voting against the Board of Directors is the only way to share their opposition to BP’s refusal to allow the vote on its U-Turn strategy,” said Mark Van Pal, founder of this follower, in a statement.

He added: “Now, the Board of Directors has changed the same path without asking to support the shareholders with a vote. This raises concerns about serious governance. It seems that the BP leadership is afraid of its shareholders.”

BP shares decreased nearly 10 % years to date.