A BP logo is seen on a petrol station in London November 2, 2010. BP lifted its estimate of the likely cost of its Gulf of Mexico oil spill to $40 billion on Tuesday, denting profits, but its underlying performance beat all expectations on higher refining margins and a lower tax rate. REUTERS
OSLO, April 18 (Reuters) – Norway’s $2.2 trillion sovereign wealth fund, the world’s largest, said on Saturday it will vote in favour of the re-election of BP Chair Albert Manifold and other board-supported resolutions at the April 23 annual general meeting.
Norges Bank Investment Management (NBIM), which operates the fund, also said it would also support the board’s proposals to withdraw two earlier climate reporting resolutions that some BP shareholders have said should remain in place.
BP has said the two resolutions have been superseded by more comparable, standardised climate reporting.
NBIM has also sided with the board in voting against a shareholder resolution filed by climate group ACCR, which called on BP to provide more detail on how its capital allocation plans, including oil and gas spending, align with shareholder value.
“We will not support a shareholder proposal that appears to be overly prescriptive in regard to the company’s strategy and/or operations, or that sets unrealistic timeframes, targets or methods for implementation,” the fund said on its website.
Britain’s Local Authority Pension Fund Forum and influential proxy advisers Glass Lewis and ISS have recommended that shareholders should reject Manifold’s re-election bid and several other board-supported resolutions.
Separately, activist group Follow This sought to put forward a resolution on the financial risks of declining oil and gas demand, but BP excluded it from the ballot, prompting further criticism.
NBIM is one of BP’s largest shareholders, with a 2.98% stake in the company at the end of 2025, valued at $2.7 billion.
Norway’s wealth fund invests Norway’s oil and gas revenues across stocks, bonds, property and renewables, holding stakes in 7,200 companies worldwide, averaging 1.5% of all listed equities.
Reporting by Nerijus Adomaitis and Jesus Calero, editing by Gwladys Fouche
