Oil giant BP suffers shareholder revolt over climate transparency at tense AGM [MSNBC.com]
LEGAL&GENL GRP PLC S/ADR (LGGNY)
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Source: MSNBC.com
LONDON — British energy major failed to get majority shareholder approval on two highly anticipated motions, which would have permitted online-only AGMs and retired two company-specific climate disclosure obligations. Each resolution required a 75% vote in favor to pass.A majority of 81.8% voted in favor of electing Albert Manifold as chair, a resolution that has been in sharp focus following the board's move to block a proposal put forward by Dutch activist group Follow This.Board members require 50% of the vote to be elected, and they typically receive close to 100% support.Some activist investors had said even a 5% vote against Manifold, who has only been in post as chair-elect since September, would represent a severe reprimand, particularly after ahistoric 24% voteAhead of the AGM at its Sunbury-on-Thames hub in Surrey, 's board blocked a motion tabled by Follow This that would have required the company to share plans on creating value for shareholders under future scenarios offa
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