BP Shareholder Backlash Looms

This is a U.S. news story, published by CNBC, that relates primarily to Mark van Baal news.

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shareholder showdown

CNBC

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Science

Oil giant BP braces for shareholder showdown over green strategy U-turn

Summary

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82% Informative

BP is bracing itself for a shareholder backlash at its annual general meeting ( AGM ) on Thursday .

Leading shareholder Legal & General , a leading shareholder in the oil giant, said it intends to vote against the reelection of outgoing Chair Helge Lund.

A planned resolution on Lund 's reelection has been billed as an opportunity for investors to signal discontent on climate change, corporate governance and influence of U.S. hedge fund Elliott Management .

Follow This has built a near 5% stake in BP , making it one of the firm's largest shareholders.

Activist investor Mark van Baal said the need to vote against Lund had not disappeared following news of his looming departure.

The group added that investors concerned with good governance should voice their dissatisfaction.

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formal

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English

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