LAPFF and Railpen to vote against BP chair at oil giant’s AGM
Author: Nick Reeve | Published: April 15, 2026
The Local Authority Pension Fund Forum (LAPFF) and Railpen have reportedly both signalled their intention to vote against the reappointment of Albert Manifold at BP’s annual general meeting on 23 April, according to our sister publication Pensions Expert.
Proxy voting and research firm Glass Lewis has also recommended that shareholders vote against Manifold’s reappointment next week, and Legal & General, one of BP’s biggest shareholders, has indicated that it will also oppose him.
LAPFF has publicly objected to proposals from BP to allow virtual-only AGMs, as well as plans to revoke previous shareholder-led climate disclosure resolutions passed in 2015 and 2019.
It also criticised the exclusion of a shareholder proposal from Dutch campaign group Follow This.
Councillor Doug McMurdo, chair of LAPFF, said: “At a time when the physical repercussions of failing to address planetary heating hit home, expanding high-cost fossil fuel investment without clear evidence of discipline or competitiveness is a material risk to long-term savers.
“Robust corporate governance underpins a credible climate transition, translating ambition into action. We will not accept roll-backs on climate plans, which drive escalating emissions and the potential for long-term value destruction. It is the responsibility of company chairs to ensure clear, consistent leadership that embeds climate resilience across the business for long-term stakeholder value.
“BP appears to be dismantling climate accountability at precisely the moment when transition risks are accelerating. This is not responsible stewardship of a systemically important energy company.”
Meanwhile, Railpen has made a rare pre-declaration of its voting intention in a statement released this week, which echoed the LAPFF’s concerns.
The £34bn pension fund criticised the BP board’s proposal to allow it to host online-only AGMs, which the pension fund said would “further limit opportunities for meaningful shareholder engagement”. It also said BP had given “limited clarity” on shareholder safeguards, adding that the parameters so far set out by the oil giant were “insufficient to ensure genuine engagement and that shareholders are truly heard”.
“Against this backdrop, Railpen is pre‑declaring its vote against the chair to reinforce our expectations around effective governance, transparency and the protection of important shareholder rights,” the pension fund stated.
On its website, BP has urged shareholders to support Manifold’s reelection, citing his “long track record of significant value creation as well as extensive experience in embedding decarbonisation and circularity standards into company strategy”.
Manifold has also “consistently championed strong governance at BP, entering into an extensive and ongoing dialogue with our largest shareholders since joining the board”, the company added.
