{
  "docId": "019dd923-622c-750b-8b9d-539bcc945c66",
  "docSlug": "5e5be87cee2f",
  "documentTitle": "BP plc (BP)",
  "authorId": "23_Bluebell_Capital",
  "authorName": "Giuseppe Bivona and Marco Taricco",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-09-25 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.7070707,
  "pageNumber": 1,
  "pageCount": 9,
  "prevPage": null,
  "nextPage": 2,
  "slideType": "executive_summary",
  "function": "frame_problem",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "This is the first page of a formal letter.",
  "elementsJson": [
    "paragraph",
    "footnote",
    "logo_grid"
  ],
  "metadataConfidence": 1,
  "imagePath": "https://imgproxy.kitesheet.com/PJs3hVG-I4yaKXZgHG8XGLAkkdGhQUtIHUoGnsFHjaw/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy81ZTViZTg3Y2VlMmYvcDAwMS5wbmc",
  "slideHref": "/slides/019dd923-622c-750b-8b9d-539bcc945c66/1",
  "deckHref": "/decks/019dd923-622c-750b-8b9d-539bcc945c66",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9d-539bcc945c66.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9d-539bcc945c66#slide-1",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We recap below the events and main points which we believe justifies our conviction that the Chairman (Helge Lund) of the Board and the Lead Independent Director (Dame Amanda Blanc) should be removed.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a330-62188c9f8b6e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.68,
        "x": 0.16,
        "y": 0.45
      },
      "kind": "paragraph",
      "text": "This letter should be read with reference to our ongoing dialogue... we believe justifies our conviction that the Chairman (Helge Lund) of the Board and the Lead Independent Director (Dame Amanda Blanc) should be removed.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "309e7704-6987-4c31-b123-16794dbc6e6b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.68,
        "x": 0.16,
        "y": 0.57
      },
      "kind": "paragraph",
      "text": "First, we are shocked that you have not responded to our previous letter dated 23rd July 2024. By refusing to provide us with a clear, rational answer... you are de facto admitting that Lightsource BP is either wasting shareholder capital or trying to circumvent regulation.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6bf2f970-f13a-4c48-8776-9e4da689bb77",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.3,
        "x": 0.16,
        "y": 0.1
      },
      "kind": "paragraph",
      "text": "To the kind attention of: Board of Directors, BP Plc, 1 St James's Square, London SW1Y 4PD, United Kingdom",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a5e4ddec-8687-471b-bb0d-d4049334c1c1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.16,
        "y": 0.35
      },
      "kind": "paragraph",
      "text": "Subject: BP – A continuing history of systematic value destruction under the leadership of a Board we believe has proved itself incompetent",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e2b7e221-7301-4304-b5a9-c860ed89bf20",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.16,
        "y": 0.74
      },
      "kind": "paragraph",
      "text": "In addition to this, we are amazed that the Board is not acting more decisively, given that 1) the renewables strategy has been a series of complete U-turns with no apparent consistency (just witness the latest announcement to sell the US onshore wind",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "efa57847-0c91-4dbe-a8c2-76edd9f85a1c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.5,
        "x": 0.16,
        "y": 0.87
      },
      "kind": "source-note",
      "text": "1 https://www.bluebellcp.com/_files/ugd/553283_aa1eaeb30be944c8ee70b7803d679.pdf",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1d34116f-5191-43d4-92c0-9ccc72034da4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.35,
        "x": 0.58,
        "y": 0.05
      },
      "kind": "title",
      "text": "BLUEBELL CAPITAL PARTNERS",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c7cc3062-4cf5-4c9e-8b97-bd779baf18cd",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": "https://imgproxy.kitesheet.com/J_FKVAUKCk18rAWPfBa0sZkn1Eo1-FQCFWwBI4ou9P8/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy81ZTViZTg3Y2VlMmYvcDAwMS5qcGc",
  "thumbSrc": "https://imgproxy.kitesheet.com/q0eIhNhbUmSAtvoKNpMEzLxh7RQbiCjZ7EM28GPXIaM/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy81ZTViZTg3Y2VlMmYvcDAwMS5wbmc",
  "thumbSrcAlt": "https://imgproxy.kitesheet.com/6nvWZ80VA-wequUE4duyNNYqHZzBmde7uSP-TtB8gbg/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy81ZTViZTg3Y2VlMmYvcDAwMS5qcGc"
}