From Yahoo Finance: 2025-04-12 04:00:00

Legal & General demands BP chairman’s resignation over oil giant’s retreat from net zero, refusing to support re-election at annual meeting. BP’s recent reversal of green energy commitments led to shares plummeting, exposing it to takeovers. L&G opposes strategy change, calling it a long-term risk to portfolios.

BP announces lower gas production outlook and increased debts for Q1 2025. Weak gas marketing and trading results expected due to recent business sales in Egypt and Trinidad. Activist hedge fund Elliott pushes for further change, predicting CEO Auchincloss could be forced out.

Investment bank Panmure Liberum predicts extra scrutiny on BP board with calls for CEO change as chairman Lund prepares to step down in 2025. Activist Elliott pushes for more change, raising concerns about Auchincloss’s position. Lund’s prolonged departure raises questions about leadership succession.

Read more: City giant demands BP chairman’s scalp over net zero retreat