A coalition of pension funds and activist group Follow This plan to oppose BP’s board resolution at the upcoming AGM, signalling a growing push for stricter climate-related disclosures amidst ongoing disagreements over governance and transparency.
A group of pension funds that jointly filed a climate-related shareholder proposal with activist group Follow This will cast protest votes against a BP board resolution at the oil major’s annual meeting, signalling their disquiet after BP removed the co-filed proposal from its AGM papers.
Twelve of the 16 institutional co-filers signed an open letter urging investors to oppose Resolution 23, the board-backed measure that seeks to revoke two earlier special resolutions requiring climate-related disclosures. “A vote against Resolution 23 is now the most relevant expression of disagreement with BP’s current approach to governance and shareholders’ rights,” the investors wrote. “We intend to vote accordingly, and we encourage investors who share our concern for shareholder rights and board accountability to consider doing the same.”
The move follows Follow This’s attempt to force the inclusion of its long-term strategy resolution, which asked BP to disclose how it would create shareholder value under scenarios of falling oil and gas demand. According to Follow This and media reports, the activist group sent BP a legal ultimatum giving the company until 1 April to circulate the resolution to shareholders; BP declined to comply. Mark van Baal, chief executive officer of Follow This, told IPE the group is exploring further legal options and that a short-term coordinated protest vote was the most effective immediate response.
The co-filers who joined the letter include Bernische Pensionskasse, Ethos Foundation and Falkirk Council Pension Fund; Follow This said the remaining four institutional co-filers will announce their voting intentions later. Follow This’s original January filing was backed by a larger coalition of institutional investors, with other reporting putting combined assets backing related resolutions at around $1.74 trillion.
Resolution 23 would remove obligations that originated in 2015 and 2019 and are embedded in BP’s constitutional documents, covering disclosures such as how the company’s strategy aligns with the Paris Agreement, capital expenditure against Paris-aligned goals and metrics on investment allocation. BP has argued that those earlier requirements have been superseded by developments in mandatory disclosure frameworks and says the revocation would reduce overlapping and potentially confusing reporting while preserving its commitment to material, comparable disclosures and its net zero ambition. “The board believes revocation is in shareholders’ best interests, while reaffirming BP’s commitment to material, comparable disclosures and its net zero ambition,” the company said in a statement.
Investors opposed to the board’s proposal argue the revocation amounts to a backstep on accountability and could undermine investor access to consistent climate-related information. Van Baal said a vote of more than 25% against Resolution 23 is conceivable; if so, the resolution would fail to pass. Last year, almost a quarter of shareholders voted against the former chair, reflecting discontent over BP’s climate direction, and activists see the latest votes as a key test of investor appetite for maintaining binding climate-linked reporting requirements.
The protest strategy also extends to board-level votes and meeting format: Follow This indicated it will vote against the reappointment of the chair and oppose a motion to permit virtual-only AGMs. Separately, the group said it will support an Australasian Centre for Corporate Responsibility shareholder resolution that asks BP to justify its upstream oil and gas spending, a proposal BP has accepted onto the ballot.
Industry commentary has portrayed the clash as part of a broader tactical shift by activists, who are increasingly framing climate challenges in financial and governance terms rather than solely seeking emissions targets. According to reporting, campaigners have sought greater transparency on how oil majors plan to create value if long-term demand for fossil fuels declines, and some filings have been supported by investors holding a modest but strategically meaningful stake in BP.
BP’s notice of meeting for the AGM, scheduled for 23 April 2026, sets out the board’s recommendations and the mechanics for shareholder voting. The company maintains that its decision to exclude the Follow This resolution was based on its view that the legal requirements for including the proposal were not satisfied, and it has framed revocation as intended to streamline reporting rather than reduce transparency.
With the AGM approaching, the dispute highlights the tension between companies seeking to manage evolving regulatory and reporting landscapes and a segment of investors determined to preserve binding, company-specific climate disclosures. Follow This and its supporters have indicated they will continue to pursue both voting and legal avenues to press their case.
- https://www.ipe.com/news/co-filers-decide-on-protest-vote-at-bp-over-blocked-shareholder-resolution/10136082.article – Please view link – unable to able to access data
- https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-agm-notice-of-meeting-2024.pdf – BP’s Notice of Meeting for the 2024 Annual General Meeting (AGM) outlines the resolutions proposed for shareholder approval. The document provides details on voting procedures, including deadlines for proxy submissions and voting entitlements. Shareholders are encouraged to review the resolutions and vote accordingly. The AGM is scheduled for 23 April 2024, and the notice includes information on how to attend, vote, and submit questions during the meeting. The document also highlights the importance of shareholder participation in the decision-making process.
- https://oilprice.com/Latest-Energy-News/World-News/Activist-Shareholders-Challenge-BP-on-Rejected-Climate-Resolution.html – In January, Follow This and 23 institutional investors filed shareholder resolutions with both BP and Shell, requesting disclosure of shareholder value creation under scenarios of declining oil and gas demand. The resolution for the Annual General Meeting of BP, to be held on April 23, 2026, is backed by 23 institutional investors with $1.74 trillion in assets under management. The resolutions proposed at BP and Shell mark a strategic shift. ‘Rather than requesting Paris-aligned emissions reduction targets, they focus on financial performance and value creation,’ Follow This said in January. ‘These resolutions are designed to increase shareholder pressure and focus attention on the financial unsustainability of fossil fuel business models,’ said Mark van Baal, founder of Follow This. BP, however, last week did not include the proposed resolution in its notice for the AGM. Regarding the Follow This resolution left out of the AGM notice, the activist investor said in a statement on Wednesday carried by Reuters that ‘If BP does not comply within two days, Follow This and investors will pursue injunctive relief in court ordering BP to circulate the resolution to shareholders.’
- https://www.globalbankingandfinance.com/activist-shareholder-follow-this-broadens-climate-campaign-against-bp-over/ – A coalition of European investors led by Follow This has demanded BP abandon plans to roll back detailed climate-reporting commitments and warned of legal action after BP refused to add their long-term strategy resolution to the April 23 AGM agenda. The resolution, which Follow This says was filed by a group holding a combined BP stake of about 0.27%, calls on the oil company to disclose its longer-term strategy under scenarios of declining oil and gas demand. Follow This had given BP until Wednesday to include it, saying it would take the company to court if it did not comply. ‘BP has responded confirming it will not comply, setting out its arguments. Follow This, its lawyers, and institutional investors are currently studying BP’s response and discussing how to proceed legally,’ said the shareholder group.
- https://anthropocenefii.org/blog/bp-investor-activism-try-a-new-approach – BP is back in the news over its response to climate disclosure shareholder resolutions filed in advance of its AGM on 23 Apr 2026. One group of shareholders, led by the advocacy group ACCR, filed a resolution in January calling on BP to prove that the shift back towards hydrocarbons will deliver value. It is reported the co-filers of the resolution represent 0.42% of BP’s share capital, a value worth around GBP338mn at current market levels. This resolution will have a vote at the AGM, although BP’s chair has recommended that shareholders reject it. A second group of shareholders, coordinated by NGO Follow This, filed a resolution (also to Shell) in January requesting transparency on the strategies to create value under scenarios of declining oil and gas demand, including those published by the International Energy Agency.
- https://www.globalbankingandfinance.com/activist-shareholder-follow-vows-fight-bp-climate-resolution/ – Shareholder activist group Follow This is challenging BP’s exclusion of its climate resolution from the AGM invite, threatening legal action to force its inclusion. BP faces legal challenge over climate resolution at AGM. Details of the Climate Resolution and Investor Support. Demands for Greater Climate Transparency. Activist group Follow This vows to fight BP’s climate resolution exclusion. BP faces legal challenge over climate resolution at AGM. Details of the Climate Resolution and Investor Support. Demands for Greater Climate Transparency.
- https://boardagenda.com/2026/03/30/bp-faces-ultimatum-over-agm-resolution/ – Not-for-profit Follow This says it will consider legal action if BP excludes shareholder resolution focused on ‘decline’ in demand for oil and gas. BP at odds with Follow This over AGM resolution. The clash between a campaigning not-for-profit and BP could escalate this week if the energy giant continues to exclude a shareholder proposal at its AGM asking for an explanation of how the company will deal with a decline in long-term demand for oil and gas. Reuters says the not-for-profit Follow This has sent a second letter to BP saying it has until 1 April to include the proposal in the 23 April AGM papers or it may take legal action. Follow This chief executive Mark van Baal, says: ‘This case is bigger than one resolution at one company.’
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article was published on April 2, 2026, and reports on recent events, including BP’s exclusion of a shareholder proposal from its AGM agenda and the subsequent protest vote by co-filers. ([globalbankingandfinance.com](https://www.globalbankingandfinance.com/activist-shareholder-follow-broadens-climate-campaign/?utm_source=openai)) Similar reports have appeared in other reputable sources, such as Reuters and Board Agenda, indicating that the narrative is fresh and original. ([boardagenda.com](https://boardagenda.com/2026/03/30/bp-faces-ultimatum-over-agm-resolution/?utm_source=openai))
Quotes check
Score:
7
Notes:
The article includes direct quotes from Follow This CEO Mark van Baal and other investors. While these quotes are consistent with statements made in other sources, such as Reuters, ([globalbankingandfinance.com](https://www.globalbankingandfinance.com/activist-shareholder-follow-broadens-climate-campaign/?utm_source=openai)) the exact earliest known usage of these specific quotes cannot be determined from the available information. ([boardagenda.com](https://boardagenda.com/2026/03/30/bp-faces-ultimatum-over-agm-resolution/?utm_source=openai))
Source reliability
Score:
6
Notes:
The article originates from IPE, a specialist publication focusing on institutional investment. While it is reputable within its niche, it is not as widely recognised as major news organisations like Reuters or the BBC. ([globalbankingandfinance.com](https://www.globalbankingandfinance.com/activist-shareholder-follow-broadens-climate-campaign/?utm_source=openai))
Plausibility check
Score:
9
Notes:
The claims made in the article align with recent developments in BP’s AGM preparations and the actions of Follow This and its co-filers. The article provides specific details, such as the AGM date (April 23, 2026) and the content of the shareholder proposal, which are consistent with information from other reputable sources. ([boardagenda.com](https://boardagenda.com/2026/03/30/bp-faces-ultimatum-over-agm-resolution/?utm_source=openai))
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article provides a timely and plausible account of recent events concerning BP’s AGM and the actions of Follow This and its co-filers. While the source is reputable within its niche, it is not as widely recognised as major news organisations. The quotes used in the article are consistent with statements from other sources, but the exact earliest known usage cannot be determined. The content is accessible without paywall restrictions and is a factual news report. However, the lack of direct links to primary sources for the quotes slightly reduces the overall confidence in the verification independence. Given these factors, the overall assessment is a PASS with MEDIUM confidence.