BP has fresh faces in the boardroom and a rigged strategy: it’s pivoting back to oil and gas and away from its low-carbon assets in an attempt to improve a weak share price. One can agree or disagree with the approach. But it was a silly act of overreach for a newish chair to try to stifle debate on such matters.
That, in effect, was what Albert Manifold did when he excluded a resolution for Thursday’s annual meeting from Follow This, a Dutch investor group. The proposal itself cannot be described as explosive. It was pitched in investor-friendly terms and would merely have obliged BP to describe how it would protect shareholder value if demand for oil and gas falls. Nor is Follow This some two-bob outfit within the ranks of climate groups. It was claiming support from investors with $1tn under management.
