Several pension schemes have announced that they plan to vote against the re-election of BP chair, Helge Lund, over concerns about changes to BP’s climate commitments.

Nest, Brunel Pension Partnership, Border to Coast, Local Government Pension Scheme Central and Universities Superannuation Scheme have all signalled their intent to vote against Lund’s re-election.

The pension schemes voiced concerns over BP’s decision to revise its carbon emission and fossil fuel production targets.

In February, BP announced that it had revised some of its climate targets, including now aiming for a carbon emission reduction of between 20 and 30 per cent by 2030, rather the previous target of 35 to 40 per cent.

When the changes were announced, the firm said the decision to change the goal was due to the world's heightened energy security needs.

Commenting on the decision to vote against Lund’s reappointment, Nest head of responsible investment, Diandra Soobiah, said: “If BP continues on this path, we have serious concerns about them reaching their net-zero goal and the long-term success of the company.”

Nest added that while it was disappointing to see BP “rowing back on their climate pledges”, it was particularly concerned that the firm had not gone back to shareholders and given them a chance to vote on “such a significant decision”.

“Actions like this undermine the confidence shareholders have in the board and their corporate governance,” the pension scheme added.

Make My Money Matter CEO, Tony Burdon, added: “Nest’s move sends a powerful signal to fossil fuel companies, showing that UK pension schemes - and UK pension holders - don’t want their money invested in companies driving the climate crisis.

“By publicly announcing that they will vote against BP’s directors for back sliding on climate commitments, Nest is showing us that investors won’t just standby as fossil fuel giants roll back on their emissions pledges.

“We hope all UK pension schemes follow Nest’s lead, and publicly declare their intention to vote against directors of any fossil fuel company that fails to adequately reduce emissions."

Commenting in response, a BP spokesperson said: “The energy transition is complex and navigating it requires judgement. We value the constructive challenge and engagement that we continue to have with all our stakeholders on this topic.

“We took careful account of what we heard ahead of our update on strategy announced in February, but we recognise that some shareholders and other stakeholders may have different perspectives on the decisions we take.

“These decisions are taken in good faith and we remain confident that they are in the best interests of the company and its shareholders.”

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