Investor Rebellion Intensifies as BP Leadership Faces Ouster Threats Over Retreat From Climate Targets

BP faces a major investor rebellion as LGIM and Glass Lewis target chairman Albert Manifold over climate target retreats and reduced transparency.

By: AXL Media

Published: Apr 12, 2026, 1:19 PM EDT

Source: Information for this report was sourced from The Observer

Strategic Reversal Triggers Governance Crisis

Under the fresh leadership of chairman Albert Manifold and CEO Meg O’Neill, BP has undergone a fundamental shift in its corporate trajectory, scaling back environmental ambitions in favor of renewed oil and gas expansion. This strategic pivot, influenced by pressure from hedge fund Elliott Management, involves increasing annual fossil fuel investment to approximately $10bn. While the company’s share price has surged nearly 70% over the last twelve months—buoyed by war-driven energy price spikes—top-tier institutional backers have expressed alarm over the long-term risks associated with abandoning transition targets.

Chairman and CEO in the Crosshairs

The upcoming annual general meeting has become a flashpoint for investor dissatisfaction, with Legal & General Investment Management (LGIM) and asset manager Candriam leading the charge. LGIM, a top ten shareholder, has formally announced its intention to vote against the re-election of Albert Manifold, citing a "reduction in transparency" after the board excluded a climate resolution from the Dutch group Follow This. The revolt has gained momentum with proxy adviser Glass Lewis also recommending Manifold’s removal, reflecting a broader concern that the current board is failing to address material long-term transition risks.

Activists Pivot Tactics Amid Legal Pressures

The exclusion of the Follow This resolution marks a tactical shift in the ongoing struggle between oil majors and climate activists. Mark van Baal, chief executive of Follow This, noted that the aggressive legal posturing seen in the industry—such as ExxonMobil's past lawsuits against activists—has sent a "chilling signal" to investors. Consequently, activists have refocused their demands on financial transparency, asking how BP intends to manage capital expenditure as global markets for oil and gas eventually decline. This shift from purely environmental to financial risk-based arguments has garnered broader support from mainstream asset managers like Robeco.