A rift is emerging within BP's shareholder ranks, as some investors prepare to oppose the reappointment of outgoing chairman Helge Lund. The tension stems from BP’s controversial pivot away from renewable energy and back toward its oil and gas roots.

Legal & General, the company's seventh-largest investor with a 1.05% stake, voiced "deep concern" over the February decision to scale down green initiatives. Meanwhile, Dutch asset manager Robeco also plans to vote against both Lund and the head of BP’s safety and sustainability committee, citing similar discontent. Robeco's exact shareholding remains undisclosed.

This shareholder rebellion follows BP's announcement that Lund will likely step down in 2026, a move coinciding with mounting pressure from activist hedge fund Elliott for deeper reforms.
In response, BP emphasized broad investor backing for its new strategy, stating in an email to Reuters: “The message is clear—focus on delivery. Executing our strategy and achieving our targets is what matters most.”