12:12 PM EST, 02/19/2025 (MT Newswires) -- BP (BP) was urged by 48 institutional investors to allow shareholders to vote on any changes to its climate commitments, The Financial Times reported Wednesday.

The investors, including Rathbones Investment Management, Phoenix Group, Robeco, and Royal London Asset Management, made the call after BP Chief Executive Murray Auchincloss pledged to reset the company's strategy under pressure from activist investor Elliott Management, the report said.

Elliott, which owns nearly 5% of BP, is pushing for divestment of some green energy investments, the report added.

The investors stated in a letter to BP Chair Helge Lund this week that since the company previously allowed a shareholder vote on its transition strategy, they expect the same level of accountability for any significant future strategy changes, according to the report.

Elliott declined the FT's request for comment.

BP, Elliott, Rathbones, Phoenix Group, Robeco, and Royal London didn't immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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