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ISS, a proxy advisor, recommends voting for the re-election BP executives and board members

According to a document obtained by, Institutional Shareholder Services Inc. (ISS), a proxy advisor, recommends that shareholders vote for the reelection of BP’s board and management during the annual general meeting on April 17.

BP's stock has performed worse than rivals Shell and Exxon over the past five years. Investors have blamed this in part on 2020, the company’s plan to grow its renewable business and cut oil and gas production.

After watering down this plan, BP accelerated the pivot back to hydrocarbons with a new strategy last month.

Two shareholders said that Elliott Management, an activist shareholder with a stake of nearly 5% in BP has met with several BP investors to try and forge a common ground for further changes to the oil giant, including cost reductions and a possible leadership reshuffle.

Follow This, another activist investor in BP, called for a vote to be taken against Helge Lind's chair, claiming that he should have given investors a voice on the scrapping of energy transition targets. This view was echoed by many climate-focused shareholders.

"While shareholders may have wished to vote on climate plans, given the substantial revisions to the Company's plans, the decision to not present such a voting does not, according to ISS, constitute a failure of governance," ISS stated. (Reporting and editing by Jan Harvey, Tomasz Janowski and Shadia Nasralla)

(source: Reuters)