Norway's sovereign wealth fund supports BP chair's election

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 BP.L 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BP has said the two resolutions have been superseded by more comparable, standardised climate reporting.

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.

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.

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 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.