* Glass Lewis, ISS recommend some votes against BP
board's wishes
* Recommendations by big proxy firms against board are
rare
* BP's new CEO O'Neill started last week
(Adds details on Glass Lewis report, ISS move, BP comments)
By Shadia Nasralla and Stephanie Kelly
LONDON, April 7 (Reuters) - Proxy adviser Glass Lewis
recommended that BP shareholders vote against Chair
Albert Manifold, who took up the post in October, citing BP's
decision to exclude a climate-related resolution from its
upcoming annual meeting, according to a note seen by Reuters.
It is relatively rare for large shareholder advisory groups
such as Glass Lewis - whose recommendations could guide many
shareholder votes at annual general meetings - to ask investors
to vote against the board's wishes.
Glass Lewis made its recommendation based on BP's decision
to exclude from its April 23 annual meeting a resolution calling
on it to disclose its longer-term strategy under scenarios of
declining oil and gas demand, which was tabled by climate
activist shareholder group Follow This, according to the note.
BP is pivoting back to a focus on oil and gas following a
foray into renewables in a major strategic shift being led by
Meg O'Neill, who took the helm last week as the company's fourth
CEO since 2023.
Glass Lewis did not immediately respond to a request for
comment.
Follow This has broadened its climate campaign against BP
alongside some European investors, representing less than 0.3%
of the company's shareholders.
"The decision further raises questions about transparency,
shareholder communication, and responsiveness to shareholder
concerns," Glass Lewis said in the note.
Manifold was cited on BP's website as saying that BP's board
concluded that Follow This' proposal was not valid and would be
ineffective if it were to pass at the AGM.
A BP spokesperson said the British major was focused on
building a simpler company following investor engagement.
"That's why we are making these recommendations, to provide
transparent, standardised disclosures that support clear
comparisons across companies," the spokesperson said.
Glass Lewis's move chimes with another influential
shareholder advisory firm ISS, which recommended a vote against
BP's board asking for permission to retire two company-specific
climate reporting resolutions. BP says the resolutions have been
superseded by other, more standardised frameworks, adding it had
had extensive engagement with its largest investors on this
move.
Glass Lewis also recommended shareholders vote against BP's
wishes to scrap the two climate reporting resolutions.