BP Investor L&G to Vote Against Keeping Outgoing Chair on Board

One of BP Plc’s largest shareholders plans to vote against the reelection of outgoing Chairman Helge Lundto the board, underscoring its opposition to the oil giant’s pivot away from its net zero strategy.

In a blog post on Friday, Legal & General Group Plc’s investment stewardship team said it’s “deeply concerned” about BP’s strategic shift, which included dropping a plan to shrink oil and gas production and less spending on clean energy. L&G holds a 1.8% stake in BP, making it the eighth-largest shareholder, according to data compiled by Bloomberg.

Helge Lund

Photographer: Christophe Morin/Bloomberg

The London-based asset manager also criticized ...