BP chair to stand down after investor revolt over tilt away from fossil fuel

The chair of BP has announced plans to step down from the oil company after growing shareholder opposition derailed its net zero agenda.

- Jillian Ambrose Mark Sweney

The firm said yesterday that Helge Lund planned to leave his post "in due course" once a successor has joined the board, which would "most likely" be next year.

His decision to step down from the role, which he has held since 2019, comes after the board reversed the company's green agenda to defend it against Elliott, a feared New York hedge fund known for its attempts to shake up listed companies.

Elliott began to build a multi-billion-pound stake in BP earlier this year after growing dissatisfaction among shareholders over the company's plan to curb its fossil fuel production in favour of green investments.

It was widely expected that the activist investor would call for a boardroom shake-up at BP, including the ousting of Lund, who played a leading role in setting the green agenda that ultimately failed to convince shareholders.