* Glass Lewis has "strong concerns" over salary
* BP says Dudley pay is based on underlying performance (Adds BP comment, quotes, background)
By Ron Bousso
LONDON, April 6 (Reuters) - Shareholder advisory firm GlassLewis has recommended that investors in BP vote againstChief Executive Bob Dudley's proposed $19.6 million remunerationfor 2015 after the British oil and gas company recorded itsbiggest annual loss.
Shareholders will be asked to vote on the pay of thecompany's executives at it annual general meeting in London onApril 14.
BP, like its rivals, has faced a near 70 percent drop in oilprices since mid-2014, which has led to thousands of job lossesand spending cuts in the industry.
"We have strong concerns regarding pay outcomes relative tofinancial performance and investor outcomes in respect of thepast fiscal year," Glass Lewis said in a report.
"In particular, we note that bonus payouts to the executivedirectors were at 100 percent of maximum opportunity despite thelacklustre overall performance during fiscal year 2015."
"Given our concerns regarding bonus payouts and the overallincentive structure, we do not believe shareholders shouldsupport the remuneration report at this time."
BP said in response that Dudley's remuneration, which roseby 20 percent from a year earlier, "is primarily based on trueunderlying performance, not factors over which the executiveshave no control."
"BP executives performed strongly in a difficult environmentin 2015, managing the things they could control and for whichthey were accountable," the company said in a statement.
"The annual cash bonus is based on measures directly linkedto BP's strategy, and results were strong across all measures.Safety and operational risk performance was excellent and BPresponded quickly and decisively to the drop in oil price.
Last year, more than 86 percent of shareholders voted infavour of Dudley's pay package.
(Reporting by Ron Bousso. Editing by Jane Merriman)
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