BP shareholders have rejected key board resolutions at its AGM, with a record vote against its new chair Albert Manifold.

BP’s decision to block a shareholder resolution from campaign group Follow This and 16 institutional investors, managing over €1tr in assets, questioning how BP will create value for shareholders as oil and gas demand declines.

Resolution 22 was a board proposal to allow online-only shareholders’ meetings, which shareholders rejected as a threat to accountability. Resolution 23 was a board proposal to scrap existing climate disclosures.

BP shareholders rejected two board resolutions with 52 per cent voting against resolution 22 and 53 per cent against resolution 23, with both falling short of the 75 per cent threshold required to pass.

“Today, shareholders reminded BP’s board who it works for. Not for itself, but for them,” said Mark van Baal, CEO of Follow This. “Many shareholders agreed with us: BP’s governance is broken.”

Shell, facing an almost identical resolution, has included it in the notice for its AGM on May 19 and advised shareholders to vote against it.

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