Royal London Asset Management to vote against Bob Dudley remuneration report following BP’s worst ever annual loss
BP is facing a row over boardroom pay at its annual meeting after a leading City investor warned it intended to vote against a $20m (£14m) package for chief executive Bob Dudley.
The 20% year-on-year rise in Dudley’s pay was announced last month after the oil company had reported a record loss of $6.5bn and thousands of job cuts. The prospect of a revolt over pay has been brewing since the figure was announced and shareholder advisory bodies have also warned about the package, which included an extra $3.5m for Dudley’s pension.