A significant 24.3% of BP shareholders have opposed the re-election of Helge Lund as the company’s chairman, prompting the oil giant to announce an expedited search for a successor and a streamlined transition process.

This month, BP revealed that Lund, 62, who has led the company since 2019, plans to step down, likely departing by 2026.

During the annual meeting held in Sunbury on Thursday, the preliminary results indicated this opposition represents the largest dissent against a FTSE 100 chair in the past five years.

Lund has faced criticism stemming from BP’s disappointing stock performance, which has led to a strategic shift away from green energy and a renewed focus on oil and gas.

Legal & General Investment Management voted against his re-election, expressing deep concerns regarding the strategic pivot, advocating for a more transparent and expedited succession process. Meanwhile, activist investor Elliott Management has reportedly been pressuring BP to distance itself further from green initiatives.

In his defense, Lund acknowledged that BP had perhaps overreached in its ambition to establish new low-carbon ventures, admitting the company’s existing operations did not meet the desired reliability and efficiency. He reassured shareholders that valuable lessons have been learned.

Dame Amanda Blanc, the CEO of Aviva and BP’s senior independent director, emphasized that the succession process is already progressing quickly. She committed to a thorough search, aiming for efficiency in identifying Lund’s successor.

“Once the new chair is appointed, we will ensure a comprehensive yet appropriately brief transition,” she noted, suggesting a potentially shorter timeframe than previously anticipated.

Elliott Management, which holds nearly a 5% stake in BP, expressed dissatisfaction with the prior strategy that began in 2020, during which Lund and former CEO Bernard Looney pledged to reduce oil and gas production while significantly investing in green energy.

Despite this, LGIM acknowledged the meaningful strides BP has taken related to its climate commitments, voting against Lund as a protest against both the strategic reversal and the absence of a shareholder vote on this significant change.

During the meeting, Lund faced queries from Matt Crossman, stewardship director at Rathbones, regarding the lack of shareholder voting on the climate strategy alteration, given the original plan received approval in 2022. Lund maintained that the majority of shareholders do not demand a vote on climate issues.

Numerous shareholders raised concerns regarding the effectiveness of BP’s non-executive directors in overseeing the company’s strategy. Lund clarified that every aspect of the strategy has been scrutinized at board meetings for over a year.

This shareholder dissent constitutes the most substantial opposition against a FTSE 100 chair since the failed attempt in 2020 by easyJet’s founder to remove the airline’s chairman.