Norway’s sovereign wealth fund, valued at $1.6 trillion and renowned as one of the globe’s largest investors, announced its support on Saturday for the reappointment of BP’s current chair to the company’s board of directors.
In preparation for its forthcoming annual meeting on April 25th, BP has proposed the reappointment of Chair Helge Lund to the board, following the departure of former CEO Bernard Looney last year.
The fund also disclosed its intention to endorse BP’s executive compensation package.
In a related development, two prominent shareholder advisory firms have voiced their approval for the BP board’s actions regarding the dismissal of former CEO Bernard Looney last year, just ahead of the British energy giant’s Annual General Meeting.
Norges Bank Investment Management (NBIM), which oversees the Norwegian fund, holds a substantial stake in BP, amounting to 3.41% of the company as of the end of last year, valued at approximately $3.48 billion.
While NBIM did not provide specific reasons for its voting decisions, its support signals a significant endorsement.
BP’s stock performance has lagged behind its competitors since the abrupt departure of Looney last September, despite the company reporting a profit of $13.8 billion in 2023.
