BP Chair Faces Shareholder Backlash Over Climate Vote Block

BP investors urged to oppose chair over climate dispute

Major proxy advisor Glass Lewis has urged BP shareholders to vote against chair Albert Manifold, following the company’s decision to block a climate-related resolution at its upcoming AGM. The proposal, filed by the activist group Follow This, called for greater transparency into how BP’s strategy would perform amid declining oil and gas demand.

The rare move signals growing investor frustration over transparency and governance, with Legal & General Investment Management also opposing the chair. The dispute comes as BP pivots back toward oil and gas, a strategy its new CEO, Meg O’Neill, has said will continue.

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Further reading: Glass Lewis recommends vote against BP chair over blocked climate resolution

Spanish wind industry flags investment risks from EU tax proposal

Spain’s wind industry has warned that a proposed EU-wide windfall tax on energy companies could undermine investment in renewables, just as the bloc aims to reduce reliance on fossil fuels. The measure, backed by several member states including Spain, is intended to redistribute excess profits made during recent energy price spikes linked to geopolitical tensions.

Industry group AEE argues that additional taxation could create regulatory uncertainty and deter investors, particularly in wind energy, which has helped stabilize electricity prices in Spain. Major firms such as Iberdrola, Endesa, and Acciona are among those represented.

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Further reading: Spanish wind industry warns EU windfall tax could hurt investment

Malaysia to expand biodiesel blending nationwide

Malaysia plans to increase nationwide use of palm-based biodiesel, raising blends from B10 to B20 and B30. Authorities are rolling this out gradually, taking into account palm oil prices and existing infrastructure limitations.

Higher oil prices are also pushing policymakers to move faster. Plantation Minister Noraini Ahmad said producers are not yet operating at full capacity, which allows for increased blending without major supply constraints. Officials also see the plan as a way to support domestic demand and stay competitive with Indonesia’s more aggressive biodiesel targets.

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Further reading: Malaysia plans phased expansion of biodiesel programme, minister says

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India backs insurers as shipping risks surge

India is stepping in to support insurers amid conflict in the Middle East, which is raising the risk of shipping through the Persian Gulf. The government is considering sovereign guarantees to help insurers maintain coverage, as costs rise and global reinsurers pull back. The proposal includes a $1.5 billion state-backed fund and a $300 million industry pool to manage large claims.

Insurance costs have climbed rapidly, with war-risk premiums rising several-fold in some cases. Insurers are now classifying a broader set of areas as high-risk, no longer limiting concerns to the Strait of Hormuz as regional tensions grow. The move is meant to maintain coverage for shipping and reduce dependence on foreign reinsurers during this period of uncertainty.

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Further reading: India plans sovereign guarantees for insurers as Iran war heightens shipping risks, sources say

Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — In the Cover Photo: A BP petrol station. Cover Photo Credit: Jadon Johnson