Don’t fight the Fed, make things and do stuff at a profit, and other Cramer lessons from 2022
The BP logo is displayed outside a petrol station that also offers electric vehicle recharging, on Feb. 27, 2025, in Somerset, England.
Anna Barclay | Getty Images News | Getty Images
Oil giant BP is bracing itself for a shareholder backlash at its annual general meeting (AGM) on Thursday, with a chorus of disgruntled investors planning to voice their concerns over the firm’s green strategy U-turn.
A planned resolution on the reelection of outgoing BP Chair Helge Lund has been billed as an opportunity for investors to signal discontent on climate change, corporate governance and the influence of U.S. hedge fund Elliott Management.
Britain’s beleaguered energy major, which has lagged behind more hydrocarbon-focused industry peers in recent years, has sought to resolve something of an identity crisis by launching a fundamental reset.
Seeking to rebuild investor confidence and boost near-term shareholder returns, BP in February pledged to slash renewable spending and ramp up annual expenditure on its core business of oil and gas.
The strategy reset was broadly welcomed by energy analysts, and BP CEO Murray Auchincloss has since said the pivot attracted “significant interest” in the firm’s non-core assets.
British asset manager Legal & General, a leading shareholder in BP with a roughly 1% stake, said it intends to vote against Lund’s reelection on Thursday — a position that would defy BP’s management recommendation.
Legal & General cited dissatisfaction over major revisions to the firm’s energy strategy, alongside BP’s decision not to allow a shareholder vote on the new direction.
Legal & General’s plans align with those of international asset manager Robeco, U.K. pension funds Nest and Border to Coast, as well as activist investors including Dutch group Follow This — all of which have indicated they will vote against Lund’s reelection.
Norway’s gigantic sovereign wealth fund and a number of U.S. pensions funds, however, have reportedly said they will back Lund’s reelection. Proxy advisors Institutional Shareholder Services and Glass Lewis have also recommended a vote in favor of Lund, according to Reuters.
It paves the way for a shareholder showdown at BP’s AGM, with observers closely monitoring the level of investor opposition to Lund’s reelection. Historically, votes against the chair of BP have remained under 10%.
A BP spokesperson declined to comment when contacted by CNBC.
Energy transition plans
BP’s renewed focus on oil and gas comes at a time when the London-listed energy firm is firmly in the spotlight as a potential takeover target. British rival Shell and U.S. oil giants Exxon Mobil and Chevron have all been touted as possible suitors.
“We value the significant steps BP has taken in recent years regarding its climate-related commitments and efforts, which we have supported through extensive and constructive dialogues, aimed at creating long-term value as the climate transition unfolds,” Legal & General’s investment stewardship team said on April 11.
Murray Auchincloss, chief executive officer of BP, during the “CERAWeek by S&P Global” conference in Houston, Texas, on March 11, 2025.
Bloomberg | Bloomberg | Getty Images
“However, we are deeply concerned by the recent substantive revisions made to the company’s strategy as announced at the 2025 Capital Markets Day on 26 February, coupled with the decision not to allow a shareholder vote on the newly amended climate transition strategy at the 2025 AGM,” they added.
Legal & General said BP’s announcement earlier this month that Lund will step down, likely next year, was viewed “positively,” but ongoing unease about the firm’s succession plan means it intends to vote against the AGM resolution.
Five years ago, BP became one of the first energy giants to announce plans to cut emissions to net zero “by 2050 or sooner.” As part of that push, BP pledged to slash emissions by up to 40% by 2030 and to ramp up investment in renewables projects.
The company scaled back this emissions target to 20% to 30% in February 2023, saying at the time that it needed to keep investing in oil and gas to meet global demand.
Robeco said in its rationale that BP had refused to repeat a so-called “Say on Climate” vote for its strategy revision, despite previously requesting shareholder support for the firm’s previous and “more ambitious” transition goals.
“We have unsuccessfully requested such a consistent feedback mechanism several times, including in a public letter alongside other investors with GBP 5 trillion in assets under management,” said Michiel van Esch, head of voting at Robeco.
“As a result, we have growing concerns over the company’s resilience through the energy transition, and over the consistency of its approach to climate governance, leading us to vote against the chairman and chair of the safety and sustainability committee,” he added.
Governance concerns
Elliott Management, for its part, is widely thought to be putting pressure on BP to minimize low-carbon investments and prioritize oil and gas. It emerged recently that the activist investor has built a near 5% stake in BP, making it one of the firm’s largest shareholders.
Activist shareholder Follow This, which has a long history of pushing for Big Oil to do more to tackle climate change, said the need to vote against Lund had not disappeared following news of his looming departure. The group added that investors concerned with good governance should voice their dissatisfaction.
“Voting against the board is the only way for shareholders to express their dissent over BP’s refusal to allow a vote on its strategy U-turn,” Mark van Baal, founder of Follow This, said in a statement.
“Now, the board has unilaterally changed course without asking shareholder support with a vote. This raises serious governance concerns. It seems BP’s leadership is afraid of its own shareholders,” he added.
Shares of BP are down nearly 10% year-to-date.
Luxury is a tough concept to pin down, but being constantly connected to work, kids, and telemarketers ain’t it. Genesis gets it, and its latest ultra-luxe off-road concept ditches screens in favor of the view out the windshield – and it’s got enough off-road chops to promise two things about those views: they’re real, and they’re spectacular!
Genesis calls its new X Gran Equator concept an elegant overlander for the modern explorer that marries on-road sophistication with off-road resilience. Whatever they call it, the 4×4’s dashboard is delightfully free from sweeping touchscreens, mood lighting, and any hint of telephonic integration.
Indeed, the interior looked so much like something from the 90s that I double and triple-checked the date on the press release. But don’t take my word for it, check it for yourself.
It’s fantastic
If you zoom in, you can see screens in the instruments. High-definition roll and pitch displays, altimeters, and probably other outdoorsy, overland-y things that the sort of people who want to do that in what would surely be a very well-appointed six-figure SUV for a similarly very well-heeled buyer.
And that buyer? They wouldn’t miss the screen, because the screen doesn’t matter. The real show is out the front windshield – and if someone from the office calls to interrupt the vibe, you won’t even know. I know I’d pay extra for that … and I can’t imagine I’m alone.
This is how Genesis explains it:
Inside, the X Gran Equator Concept orchestrates contrast between analog architecture and digital technologies, crafting a space that feels both functional and evocative. At the center of the cabin is a four-circle display cluster on the center stack, inspired by the vintage camera dials. The interior design features contrasting colors and shapes, with a preference for geometric over organic elements. The dashboard’s linear architecture and absence of decorations focus the driver’s attention on the journey, while swiveling front seats and modular storage solutions enhance practicality.
Genesis didn’t provide pictures of those swiveling seats or modular storage compartments on this concept, but the X Gran Equator Concept will make its in-person debut April 18th at the Genesis booth during the 2025 New York International Auto Show.
After the show, the company will move the concept to a display at Genesis House New York in the Meatpacking District, where it will stay “in residence” until the end of July. If you’re out that way for either event, take a picture of it and tag Electrek on Instagram!
Genesis X Gran Equator photo gallery
SOURCE | IMAGES: Genesis.
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The new-for-2025 Honda P7 electric SUV officially went on sale earlier today with 469 hp and more than 650 km (403 miles) of range from its 89.8-kWh nickel manganese cobalt (NMC) battery … and you won’t believe the price!
First shown as a concept at the launch of Honda’s Ye brand a year ago, today. Ye is a joint venture between Honda and local automakers Dongfeng, who build the brand’s S7 model, and GAC, which helped develop the mechanically similar P7 that just went on sale.
And, by “similar,” I mean really, really similar. The AWD version of the new Honda P7 offers up to 620 km (385 miles) of CLTC-rated range, while the RWD can go 650 km (403 miles), which are identical figures to the S7. Even the crossover’s dimensions, at 4,750 mm long, 1,930 mm wide, and 1,625 mm tall with a 2,930 mm wheelbase, are identical.
Even the interiors – which are fantastic, by the way, with an innovative mix of screens, buttons, and super-slick sideview monitors – are tough to tell apart.
Honda Ye EV interior(s)
So, how can you tell the P7 apart from its S7 sibling? The P7 has C-shaped lighting elements that are distinctive from the S7’s X-shaped lights. The end result is a face that reads a bit more “Honda” to me, but that may or may not be a good thing in the Chinese market.
Pricing for the new Honda P7 starts at 199,900 yuan (about $27,200) for the two wheel drive variant, and is also offered with all-wheel drive for 249,900 yuan (about $34,000, as I type this), complete with the sort of advanced ADAS features you have to pay good money to supervise here in the US. That pricing makes both P7 models significantly less expensive that the what the company thought would be the vehicle’s main competitor, the Tesla Model Y.
The world has changed a lot since then however – and whether or not the Model Y is still considered a serious rival remains to be seen.
If you’re in the mood to check out an all-electric Honda in the US, click here to set up a test drive and explore local deals on a new Prologue. In the meantime, I invite you to take a look at some of the press photos of the new P7, below, then let us know what you think in the comments.
P7 image gallery
SOURCE | IMAGES: Honda; via Paul Tan.
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