“BP has previously offered a shareholder vote on its transition strategy and we expect a similar level of accountability to be maintained for future material strategy changes,” they wrote in a letter to BP chair Helge Lund, seen by the PA news agency.
But the group of investors, which includes Scottish Widows, Hargreaves Lansdown and Royal London Asset Management arm, wrote to BP on Wednesday to say they expect a say on any plans.
A spokesperson for Royal London Asset Management added: “As long-term shareholders, we recognise BP’s past efforts toward energy transition but remain concerned about the company’s continued investment in fossil fuel expansion.
BP is holding a strategy meeting next week where it is widely expected to pull back from renewable energy promises, which have made less money than expected in recent years.
The demands will likely set the group of investors on a collision course with the US hedge fund Elliott Management, which recently built a roughly 5% stake in BP.
