Finance
Norway's Sovereign Wealth Fund Supports Bp Chair's Re-Election
Published by Global Banking & Finance Review®
Posted on April 18, 2026
2 min readLast updated: April 18, 2026
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Norway’s $2.2 trillion sovereign wealth fund (NBIM) will back BP Chair Albert Manifold’s re‑election and support board‑backed proposals at the April 23 AGM, opposing climate group ACCR’s resolution and withdrawing two prior climate reporting measures.
Norway's sovereign wealth fund supports BP chair's election
NBIM's Voting Decisions and Shareholder Reactions
Support for BP Chair and Board Resolutions
OSLO, April 18 (Reuters) - Norway's $2.2 trillion sovereign wealth fund, the world's largest, said on Saturday it will vote in favour of the election of BP Chair Albert Manifold and other board-supported resolutions at the April 23 annual general meeting.
Norges Bank Investment Management (NBIM), which operates the fund, also said it would support the board's proposals to withdraw two earlier climate reporting resolutions that some BP shareholders have said should remain in place.
BP has said the two resolutions have been superseded by more comparable, standardised climate reporting.
Opposition to Shareholder Climate Resolution
NBIM has also sided with the board in voting against a shareholder resolution filed by climate group ACCR, which called on BP to provide more detail on how its capital allocation plans, including oil and gas spending, align with shareholder value.
"We will not support a shareholder proposal that appears to be overly prescriptive in regard to the company's strategy and/or operations, or that sets unrealistic timeframes, targets or methods for implementation," the fund said on its website.
Reactions from ACCR and Other Stakeholders
ACCR said its resolution was promoting transparency about BP's upstream capex expansion, and the fund's decision to side with the management was against shareholder interests.
"We're observing a groundswell of support, publicly and privately, from investors motivated by long-term value creation. NBIM's position is out of step with this," Brynn O'Brien, co-CEO of ACCR, said in an emailed comment.
Other Shareholder and Activist Responses
Britain's Local Authority Pension Fund Forum and influential proxy advisers Glass Lewis have recommended that shareholders should reject Manifold's election bid and several other board-supported resolutions.
Separately, activist group Follow This sought to put forward a resolution on the financial risks of declining oil and gas demand, but BP excluded it from the ballot, prompting further criticism.
NBIM's Stake in BP and Investment Strategy
NBIM is one of BP's largest shareholders, with a 2.98% stake in the company at the end of 2025, valued at $2.7 billion.
Norway's wealth fund invests Norway's oil and gas revenues across stocks, bonds, property and renewables, holding stakes in 7,200 companies worldwide, averaging 1.5% of all listed equities.
(Reporting by Nerijus Adomaitis and Jesus Calero, editing by Gwladys Fouche and Louise Heavens)
Key Takeaways
- •NBIM will vote in favour of re‑electing BP Chair Albert Manifold and board‑supported resolutions at the April 23 AGM, including withdrawing two climate reporting proposals in favour of standardised reporting.
- •The fund opposed a shareholder resolution from climate group ACCR demanding detailed alignment of BP’s capital allocation (including oil & gas spending) with shareholder value, citing concerns over overly prescriptive strategy mandates.
- •NBIM holds a significant 2.98% stake in BP (~$2.7 billion as of end‑2025) and typically supports board recommendations unless governance or sustainability expectations are unmet, reflecting its pragmatic, materiality‑based voting approach.
Frequently Asked Questions about Norway's sovereign wealth fund supports BP chair's re-election
1How is NBIM voting on climate reporting resolutions at BP?
NBIM supports the withdrawal of two earlier climate reporting resolutions, agreeing with BP that they have been superseded by standardized approaches.
2What shareholder proposals did NBIM oppose at BP's AGM?
NBIM voted against a shareholder resolution from climate group ACCR, citing that it was overly prescriptive regarding BP’s capital allocation and operations.
3What is NBIM's ownership stake in BP?
NBIM holds a 2.98% stake in BP, valued at $2.7 billion at the end of 2025.