BP Faces Shareholder Revolt Over Climate Transparency and Governance at AGM British energy giant BP encountered significant shareholder resistance during its annual general meeting (AGM) on Thursday, as investors clashed with the board over corporate governance and climate disclosure practices. The meeting, held at BP’s Sunbury-on-Thames hub in Surrey, highlighted growing tensions between the company’s leadership and activist investors, particularly regarding its approach to climate transparency and strategic direction. A key point of contention was the board’s decision to block a motion proposed by the Dutch activist group Follow This. The motion would have required BP to publish detailed plans on how the company would navigate declining fossil fuel demand and create value for shareholders in a transitioning energy market. Despite support from major investors such as Norway’s Norges Bank Investment Management (NBIM), the motion failed to gain the necessary 75% approval threshold, receiving only around 47% of votes. The board’s rejection of the proposal was justified on legal grounds, with BP stating that the motion was deemed invalid and ineffective. Albert Manifold, the newly elected chair, emphasized that all decisions made during the AGM were in the best interests of shareholders, aiming to “build a more valuable BP for our shareholders.” Manifold, who received 81.8% of the vote for his re-election, noted that his election was a clear endorsement by shareholders, contrasting with the board’s rejection of the Follow This motion. The outcome of the AGM underscored the divided opinions among BP’s investor base. While Manifold’s re-election was largely uncontested, the failure to pass the climate-related motion signaled dissatisfaction with the company’s transparency and strategic priorities.#norges_bank_investment_management #bp #follow_this #meg_owell #sunbury_on_thames
World's Largest Sovereign Wealth Fund Drops Adani Green From Portfolio Norway’s $2-trillion sovereign wealth fund, managed by Norges Bank Investment Management, has excluded Adani Green Energy Limited from its investment portfolio. The decision follows concerns about "gross corruption or other serious financial crime" linked to the company. This marks the second exclusion of Adani Group firms by the fund, which had previously removed Adani Ports and Special Economic Zone Ltd in May 2024. The exclusion of Adani Green Energy was announced in a November 2025 update to the fund’s website, which listed the company among those excluded or placed on observation. The decision was communicated to stakeholders on February 26, 2026. According to the fund’s guidelines, companies are excluded based on ethical and legal risks, including violations of human rights in conflict zones. The exclusion of Adani Ports and SEZ Ltd in May 2024 was similarly based on allegations of contributing to serious human rights abuses in war or conflict situations. The fund’s Executive Board cited a recommendation from its Council on Ethics, dated November 21, 2023, as the basis for the exclusion. The Council on Ethics evaluates companies for potential ethical risks, such as environmental harm, labor violations, or ties to armed conflicts. Adani Ports and SEZ Ltd had been under observation since March 2022, highlighting the fund’s long-term scrutiny of the company. The fund’s guidelines allow temporary exclusion decisions but restrict the ability to make new exclusions beyond a certain point. Until November 2025, the fund’s Executive Board retained authority to decide on exclusions, while a Norwegian government-appointed committee reviewed the ethical framework.#norway_sovereign_wealth_fund #norges_bank_investment_management #adani_green_energy_limited #council_on_ethics #sec_gautam_adani
