Activist investor Elliott Management is agitating for change on the board of energy giant BP and has held meetings with other shareholders.

The New York hedge fund wants the board to go further than the “fundamental reset” announced by chief executive Murray Auchincloss last month and also wants to see steeper cost cutting, according to the Reuters news agency.

Mr Auchincloss has switched the focus back towards fossil fuels after easing back on its green target, and has put its Castrol lubricants business up for sale.

Investors have been unhappy with BP’s share price performance compared with its rivals, particularly Shell which has significantly scaled back its green business.

Elliott, which holds a near-5% stake in BP, is likely to call for a new chairman to replace Helge Lund, who has been in charge since 2019, and possibly Mr Auchincloss himself.

It wants BP to be more radical on asset sales, offloading part of its petrol station network and working towards a total exit from renewable power generation.

A BP spokesman said: “Since we introduced our reset strategy on 26 February, our executives have carried out an extensive programme of engagement with our major shareholders. We have met with investors holding almost half our shares and approaching three quarters of our institutional shareholders.

“Throughout this programme, we have received widespread support for BP’s reset strategy and the changes laid out. The consistent message also received is that our focus should be on delivery — executing the strategy and hitting our targets. That is our priority.”