Proactive Investors - BP PLC (LON:BP) is facing a shareholder revolt to remove Helge Lund as chairman according to The Times.
The report said the revolt was gathering momentum last night, with five of Britain’s biggest pensions schemes planning to vote against his re-election in protest at the company’s watering down of green commitments.
The Universities Superannuation Scheme followed the National Employment Savings Trust in announcing plans to vote against Lund.
Brunel Pension Partnership, a group of nine council schemes, also said it would vote to oust him.
Two other council pension umbrella groups, LGPS Central and Border to Coast, are said to be joining them.
BP faces a second potential revolt at a meeting next Thursday over bosses’ pay.
Glass Lewis, the advisory group, recommended investors reject BP’s remuneration report after it docked only £78,329 from the £10mln package of Bernard Looney, the chief executive, over the deaths of four workers last year.
The investors are frustrated that BP chose to reduce its targets for emissions reductions in February without seeking shareholders’ consent.
They believe that by announcing their intentions early, they could encourage wavering investors to join the protest.
The Times quoted Diandra Soobiah, head of responsible investment at Nest: “While it’s disappointing to see BP rowing back on their climate pledges, what is particularly worrying is they haven’t gone back to shareholders and given us a chance to vote on such a significant decision. Actions like this undermine the confidence shareholders have in the board and their corporate governance.”