– BP faced a significant shareholder revolt at its 2026 AGM, with investors rejecting key board proposals and signaling unease over the company’s climate strategy shift. As reported by Reuters (paywall), shareholders voted down resolutions to allow fully virtual AGMs and to remove existing climate disclosure commitments, both failing to secure majority backing.
According to The Financial Times (paywall), support for chair Albert Manifold was notably weaker than usual, with more than 18 percent of investors opposing his re-election amid criticism of governance and transparency.
The backlash reflects broader investor concern following BP’s switch back towards oil and gas investment and its decision to exclude a climate-focused shareholder resolution. Proxy advisers and major shareholders had urged votes against the board, citing accountability issues.
Additional climate-related proposals from activist investors gained significant minority support, underscoring continued pressure on management.
– SpaceX’s IPO plans reveal a governance structure designed to keep firm control in the hands of founder Elon Musk and a small group of insiders, even after listing.
According to Reuters, regulatory filings show the company will adopt a dual-class share system granting super-voting rights, allowing Musk to retain decisive influence over strategy and board decisions despite selling shares to public investors.
The filings, as seen by Reuters, also indicate SpaceX intends to qualify as a ‘controlled company’, enabling it to bypass certain corporate governance requirements, including having a majority-independent board.
At the same time, the company is seeking additional safeguards by incorporating in Texas, where laws and internal bylaws could shield it from activist investors, hostile takeovers and shareholder challenges.
– A coalition of academic groups, diversity officers and minority business organizations has filed a lawsuit challenging US President Donald Trump’s latest executive order targeting DEI programs, arguing it violates constitutional free speech protections.
According to Bloomberg Law (paywall) the complaint, lodged in a Maryland federal court, argues the order unlawfully equates DEI initiatives with racial discrimination and forces federal contractors and universities to certify compliance or risk losing government funding.
The plaintiffs, comprised of the National Association of Diversity Officers in Higher Education; American Association of University Professors; United Academics of Maryland-University of Maryland; National Association of Minority Contractors; and National Association of Minority Contractors, argue the directive stifles lawful speech and academic research, particularly work examining race and inequality.
The lawsuit follows earlier legal challenges to similar measures, with courts divided over whether such policies infringe First Amendment rights.
The Trump administration has defended the order as necessary to eliminate discriminatory practices.
– The US Supreme Court is weighing whether to impose new limits on the SEC’s ability to seek ‘disgorgement’ – an enforcement tool used to recover illicit funds from securities law violators, as reported by Bloomberg (paywall).
At the center of the decision is whether the SEC must prove that investors suffered identifiable financial harm before forcing defendants to surrender profits. Critics argue that allowing disgorgement without such proof effectively turns the remedy into a penalty, overstepping the agency’s authority.
The Justice Department, defending the SEC, maintains that disgorgement is designed to strip unlawful gains rather than compensate victims, warning that stricter requirements could weaken enforcement in cases where harm is diffuse or difficult to quantify. A ruling is expected by June.
– Leading hedge funds including Two Sigma Investments and DE Shaw & Co have joined a broader Wall Street push against the SEC proposal that could allow companies to scale back quarterly financial reporting, according to Reuters, citing people familiar with the matter.
The firms are lobbying regulators to reconsider the move, warning it would reduce the flow of timely financial information to investors and undermine market transparency. SEC officials are exploring whether to make quarterly reporting optional, reviving a long-debated idea aimed at encouraging longer-term corporate decision-making.
Opponents, including major asset managers and hedge funds, argue that less frequent disclosures could increase market volatility, weaken price discovery and raise the cost of capital for companies. Supporters, however, say the change would reduce compliance burdens and curb short-termism among listed firms.
– The US Supreme Court appears poised to reinforce limits on the Federal FCC’s ability to impose fines, as it weighs a challenge brought by major telecom companies over penalties tied to data privacy violations.
According to Bloomberg, the concern is whether the FCC’s in-house enforcement process, used to levy more than $100 mn in fines against firms including AT&T and Verizon, violates the constitutional right to a jury trial. Lower courts have split, with one ruling the agency’s process unlawful because it acts as ‘prosecutor, judge and jury.’
During arguments, several justices signaled openness to requiring stricter procedural safeguards, however, the court also appeared cautious about undermining agency authority entirely noting that companies can challenge penalties in federal court before enforcement. A decision, expected by mid-2026