Legal & General set to back climate resolution as proxy advisers raise concerns

Legal & General, the largest uk-based asset manager, is set to oppose the reappointment of BP's chair and back a climate resolution, raising concerns about the energy firm's failure to capitalise on the energy transition.

The manager has joined a group of investors expressing concerns about BP's treatment of shareholder rights and energy transition strategy. Ahead of the energy firm's AGM on 23 April, Legal & General warned that a move to scrap climate disclosures proposed by the BP leadership constrained "the ability of shareholders to understand and price risks associated with energy transition."

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The manager is also concerned about the board's decision not to include a climate resolution put forward by Follow This into its Notice of Annual Meeting, warning that the firm infringed on shareholder rights.

Legal & General will now back a resolution put forward by the Australasian Centre for Corporate Responsibility major institutional investors, calling on the firm to provide further transparency on its CAPEX for oil and gas projects.

Moreover, the manager will vote against the reappointment of BP chair Albert Manifold, given his responsibility for the shareholder resolutions.

Legal & General's announcement comes as proxy advisers Glass Lewis and ISS have raised concerns about BP's handling of climate disclosures. Glass Lewis has warned that a revocation of climate disclosures, as proposed by BP, could limit transparency. It is also backing the ACCR Resolution on CAPEX transparency, adding that this could provide decision-useful information to investors, according to a briefing note seen by Net Zero Investor. Moreover, the proxy voting adviser is also recommending a vote against the BP chair.

While ISS takes a more cautious approach, it is also sceptical of the board's attempt to cut back on climate disclosures: "We do not consider the Board's argument that the prior resolutions detract from the clarity of reporting and standardised disclosures to constitute a sufficiently compelling case to offset the concerns around 'retiring' the relevant disclosures" it warned.

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