BP shareholders shoot down pay package of $19.6m for boss Bob Dudley at the oil firm's AGM
Published 14/04/2016 | 14:09
Shareholders in oil giant BP gave the company's board a symbolic slap in the face when they voted to reject its remuneration report for the last year, which included a pay deal of $19.6m for chief executive Bob Dudley.
Almost 60pc of shareholders rejected the report, which allowed Mr Dudley's pay package to rise by 20pc on the previous year, despite the group posting its largest annual loss for 20 years and axing thousands of jobs worldwide.
The vote against the pay deal is only advisory as shareholders have no power to veto it and Mr Dudley has already been paid.
But the large percentage of those voting against it showed the depth of shareholder displeasure.
The vote comes following outcry over his pay against the backdrop of controversy over a number of mammoth pay awards for company bosses.