LONDON (Alliance News) - BP PLC is facing a rebellion from some of its shareholders ahead of its annual general meeting after the oil giant awarded a substantial pay rise to Chief Executive Bob Dudley, the Financial Times reported on Thursday.
Dudley has been given a 20% pay rise, increasing his pay to USD19.6 million for 2015 from the USD16.4 million he was paid in 2014, despite BP reporting its worst ever annual loss during the year, the FT said.
The FT claimed BP is holding last minute talks with investors in an attempt to prevent a confrontation at the company's annual general meeting next Thursday, citing people familiar with the situation.
Significantly, Institutional Shareholder Services, the advisory group that represents about 20% of the shareholders in the UK stock market, has recommended investors vote against BP's remuneration report. Glass Lewis, another advisory group, has also urged investors to oppose Dudley's pay, according to the FT.
http://www.ft.com/cms/s/0/9655092c-fcaf-11e5-b3f6-11d5706b613b.html#axzz45DAs8kUd
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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