Shareholders challenge BP's fossil fuel strategy ahead of annual meeting

BP faces shareholder pushback ahead of its annual meeting, with a major pension fund group set to vote against the re-election of its Chair due to governance concerns. The Local Authority Pension Fund Forum, representing significant investor assets, will oppose Chair Albert Manifold and other board proposals. This opposition is partly driven by a resolution questioning BP's fossil fuel spending strategy. The resolution, supported by other investors, asks BP to demonstrate value creation from increased fossil fuel production. The board argues current disclosures are sufficient.