OIL giant BP will face down shareholder dissent over its director pay packages today at its annual general meeting in London.
BP, whose share price has yet to recover from the effects of the Gulf of Mexico spill in 2010, has already met with big shareholders to discuss concerns over remuneration. But some of them remain unhappy about how BP is rewarding execs, a prominent blue chip investor told City A.M.
Shareholder advisory body Pirc has recommended its clients vote down both directors’ pay and the firm’s accounts, in protest at a lack of consultation over dividends and strategy.
Chief executive Bob Dudley, who was appointed in the wake of the Gulf disaster and has overseen the clean-up operations, has been awarded £4.6m for the year.
The influential Association of British Insurers has a “blue top” rating on BP’s resolutions, meaning it has no major concerns and making a vote loss unlikely.
BP will also face protesters from green groups who remain angry about the United States’ worst offshore spill.