Boost for BP as bosses get a vote of confidence after ditching inexperienced targets

BP bosses received a much-needed boost as an advisory firm backed the re-election of the entire board and management.

Institutional Shareholder Services said shareholders should vote to back the board at the energy giant’s April 17 annual general meeting.

Chairman Helge Lund and chief executive Murray Auchincloss have come under pressure from investors over BP’s poor performance compared with rival Shell as well as US giants Chevron and ExxonMobil.

With many blaming its focus on renewables, Auchincloss last month announced a ‘fundamental reset’ that saw the oil giant row back on its green targets and double-down on fossil fuels.

Activist investor Elliott Management, which has a near-5 per cent stake in BP, is understood to believe the shake-up does not go far enough.

Speculation is building that shareholders could seek a change of leadership, with Lund in particular seen as vulnerable. Another activist, Follow This, has called for a vote against the Norwegian-born chairman.

Reset: BP Chairman Helge Lund and chief exec Murray Auchincloss (pictured) have come under pressure from investors over BP’s poor performance