Royal London says to oppose BP CEO's pay package at AGM

[LONDON] BP shareholder Royal London Asset Management will vote against the proposed US$19.6 million 2015 remuneration package for BP Chief Executive Bob Dudley at next week's annual general meeting, the fund manager said on Friday.

"This proposed increase is both unreasonable and insensitive ... We will be voting against this proposal," Royal London Asset Management corporate governance manager Ashley Hamilton Claxton said.

The statement from Royal London, which holds 0.7 per cent of BP shares worth more than 400 million pounds (S$774.68 million), echoes discontent over Mr Dudley's pay package from shareholder advisor Glass Lewis earlier this week.

BP made its worst ever annual loss in 2015 as it grappled with a slump in oil prices. Shareholders will cast their votes on executive pay packages at the meeting in London on April 14.

REUTERS