The LAPFF in Britain recommends voting against BP Chairman, annual report

The Local Authority Pension Fund Forum in Britain (LAPFF), recommended to shareholders on Monday, that they vote against the reelection of BP Chairman Helge Lund and BP's Annual Report, remuneration reports, as well as abstaining on whether BP Chief Executive Murray Auchincloss is reelected.

Institutional Shareholder Services Inc. (ISS) as well as Glass Lewis, two influential proxy advisors, have advised that shareholders vote for the reelection of BP’s board of directors, management team and annual report during the annual general meeting on April 17.

Auchincloss, BP's vice president of strategy, said that BP will reduce spending on renewables and increase its spending on oil.

This was a major overhaul of former Chief Bernard Looney’s 2020 strategy. It originally called for a 40% reduction in BP’s oil and natural gas production by the end decade, a doubling of its renewables division, along with the most ambitious emission reduction goals of the industry.

In 2023, more than three quarters of BP's shareholders voted for the plan.

In a recent report, the LAPFF expressed disappointment with the "reset" announced for 2025. This is especially true in relation to the governance surrounding this shift. The LAPFF represents the pension funds of British local authorities, and claims that it represents over 350 billion pounds ($452.66billion). Reporting by Shadia Nazarella; Editing by Kirsten Doovan and Tomasz Janovowski

(source: Reuters)