UK Pension Fund Forum Opposes BP Board Re-Election
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 3 days ago
0mins
Should l Buy BP?
Source: seekingalpha
- Shareholder Voting Direction: The Local Authority Pension Fund Forum (LAPFF) announced its intention to vote against the re-election of BP Chairman Albert Manifold and other board-supported resolutions, highlighting deep concerns regarding the company's transparency and governance structure.
- Background of Shareholder Proposal: LAPFF's members collectively represent a stake equivalent to a top-five shareholder, calling for BP to demonstrate that higher spending on fossil fuel production can deliver value for shareholders, reflecting skepticism about the company's investment direction.
- Support and Opposition Voices: Legal & General stated it would support the proposal, while proxy advisor Glass Lewis also expressed support, suggesting that the proposal could provide useful information for shareholders, thereby increasing pressure on BP's governance structure.
- Board's Position: Manifold stated that the board opposes the proposal, arguing that additional disclosures would duplicate existing reporting and hinder the company's move towards simpler, standardized reporting, indicating a governance divide between the board and shareholders.
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Analyst Views on BP
Wall Street analysts forecast BP stock price to rise
11 Analyst Rating
5 Buy
5 Hold
1 Sell
Moderate Buy
Current: 45.900
Low
6.38
Averages
84.26
High
503.69
Current: 45.900
Low
6.38
Averages
84.26
High
503.69
About BP
BP p.l.c. is a United Kingdom-based integrated energy company. Its segments include Gas & low carbon energy, Oil production & operations, Customers & products, and Other businesses & corporate. The gas & low carbon energy comprises regions with upstream businesses that predominantly produce natural gas, gas marketing and trading activities and its solar, wind and hydrogen businesses. The oil production & operations segment comprises regions with upstream activities that predominantly produce crude oil, including bpx energy. The customers & products segment comprises its customer-focused businesses, which include convenience and retail fuels, electric vehicle (EV) charging, as well as Castrol, aviation and business-to-business (B2B) and midstream. It also includes its products businesses, refining and oil trading, as well as its bioenergy businesses. The other businesses and corporate also comprises the Company's shipping and treasury functions, and corporate activities worldwide.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Ceasefire Negotiations Tension: U.S. and Iranian negotiators are set to meet in Pakistan, and despite heated rhetoric, there remains a willingness to maintain the ceasefire, which could impact future energy supply and price stability.
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- Geopolitical Tensions: Iran's plan to charge shipping companies cryptocurrency tolls for passage through the Strait could provoke strong international backlash, increasing the risk of regional conflict.
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