BP p.l.c. faces significant opposition from major proxy advisors ahead of its April 23 annual general meeting. Glass Lewis and ISS, influential voices in institutional voting, have urged shareholders to reject several board-backed resolutions related to climate reporting and governance, CNBC reports.

The recommendations target resolutions 22, 23, and 4. Resolution 22 would permit virtual-only AGMs, while 23 involves retiring climate-reporting requirements from 2015 and 2019 that BP deems duplicative of current standards. Resolution 4 concerns the re-election of Chair Albert Manifold, who assumed the role last October.

The Local Authority Pension Fund Forum (LAPFF) has echoed these calls, advising members to oppose Manifold's re-election and the board's positions on climate resolutions and virtual AGMs. Legal & General Investment Management plans to vote against resolutions 22, 23, 24, and 4.

This pressure stems partly from BP's decision to exclude a proposal by activist group Follow This. The motion sought disclosure of BP's long-term strategy under scenarios of declining oil and gas demand. BP's board, after legal review, ruled it invalid and ineffective.

LAPFF also backs resolution 24 from climate group ACCR, which calls for clearer evaluation of oil and gas investments' cost-competitiveness, risks, and long-term value. Glass Lewis supports this measure.

Amid the backlash, BP is refocusing on its oil and gas core, ramping up fossil fuel spending and appointing Meg O'Neill as CEO. Shares have climbed nearly 32% year-to-date to 6.02 GBP, outperforming many peers. The company reaffirms its net zero ambition by 2050 remains unchanged.

A BP spokesperson emphasized efforts toward "transparent, standardized disclosures that support clear comparisons across companies." Manifold argued ACCR's proposal would hinder standardized reporting.

Follow This founder Mark van Baal framed the dispute as a test of shareholder democracy, warning that excluding resolutions could set a precedent for others.

BP trades at a Hold consensus rating from analysts, with an average target of 4.90 GBP, implying potential downside from current levels.