Business World

Sunday 4 December 2016

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

The world is so awash with oil that BP chief executive Bob Dudley said last month people will be filling up their
The world is so awash with oil that BP chief executive Bob Dudley said last month people will be filling up their "swimming pools" with it this year

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.

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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.

Press Association

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