bp faced a shareholder backlash at its annual general meeting as investors rejected two resolutions supported by management: a fully virtual annual meeting and the revocation of previously approved climate-related disclosure obligations. Just under 82% of shareholders voted in favor of Chairman Albert Manifold's election, a clear rebuke as directors typically receive approvals close to 100%. The general meeting was the first for both Manifold and new CEO Meg O'Neill, who took the reins of the UK energy giant earlier this month with a mission to streamline the business and focus on oil and gas production. Manifold, a former construction materials executive, assumed control of the board in October warning of tough decisions, following calls for change from activist investor Elliott Investment Management. The resolutions on virtual AGMs and against climate disclosure obligations both received about 47% support. Special resolutions need to receive 75% support. Norway's $2.2 trillion sovereign wealth fund was among investors that supported Manifold's election. By comparison, Manifold's predecessor Helge Lund, the key backer of bp's 2020 pivot attempt into low-carbon ventures, received 96% of the vote in 2024. That support came after Lund's selected chief executive officer, Bernard Looney, was ousted for inappropriate conduct. Manifold and the board fielded shareholder questions for over an hour at the AGM. Responding to concerns over the board not allowing the Follow This resolution, he said bp didn't block it. "We all live life by certain rules," Manifold, 63, told the investors. "If you don't submit a resolution in compliance with the rules, we are legally bound not to accept it," without explaining what requirements the proposal failed to meet. Investors including No. 8 shareholder Legal & General Group Plc said they would oppose Manifold's election, while proxy adviser Glass Lewis & Co. recommended investors do the same. bp has pledged more investment into oil and gas, something Elliott and other investors had been urging. That has helped the shares recover after years of underperformance. This year, bp is second only to TotalEnergies SE among the top five oil majors, with a gain of more than 30% in dollar terms after energy prices surged. The shares were little changed after the AGM. O'Neill has already moved to reshape the company's structure and leadership, simplifying it into two divisions — one focused on exploration and production, and another on refining. But she faces an uphill battle to bring net debt to a target of $14 billion to $18 billion by the end of 2027. This quarter net debt is rising to $25 billion to $27 billion, excluding hybrid bonds and lease obligations, according to bp's latest guidance.