BP’s chair deserved a kick for his silly obstinacy over shareholder resolution

Albert Manifold and his board refused to put a request from investor group on annual meeting agenda – leading to an investor revolt 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. BP’s reaction to the submission, however, was to speak to its lawyers. “The board, having taken legal advice, concluded that the proposal from Follow This was not valid and would be ineffective were it to pass,” Manifold declared without