May 17, 2017

Shareholders back BP move to cut chief’s pay

BP shareholders on Wednesday backed the UK oil and gas company's new pay policy and a move to cut the remuneration of chief executive Bob Dudley by 40 per cent following a large scale investor rebellion last year. More than 97 per cent of votes cast at BP's annual meeting supported Mr Dudley's $11.6m pay package for 2016, down from $19m in 2015, as well as a new three-year policy that cut bonuses and other remuneration. BP became a focal point for investor protests over executive pay in recent years as Mr Dudley's remuneration soared while earnings plummeted following the company's Deepwater Horizon oil spill in the Gulf of Mexico in 2010. BP particularly angered shareholders when Mr Dudley's pay rose 20 per cent in 2015, and the company reported its worst loss. Ashley Hamilton Claxton, corporate governance manager at Royal London Asset Management, a large BP shareholder, praised Dame Ann's committee for turning BP from a pariah to a leader on executive pay.

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