Sign up USA
Proactive Investors - Run By Investors For Investors

BP shares rise in New York as shareholders approve reduced CEO pay package

Shareholders also approved a new remuneration policy that will lower performance incentives.
BP shares rise in New York as shareholders approve reduced CEO pay package
Bob Dudley is BP's chief executive

Energy behemoth BP PLC (LON:BP, NYSE:BP) ticked 0.92% higher in New York to $36.58 as shareholders approved the reduced £9mln 2016 pay package for chief executive Bob Dudley.

The cut was made by the oil major in response to investor pressure.

With the vast majority of votes counted, 97.09% of BP shareholders at today’s annual general meeting voted to adopt the firm’s 2016 pay levels, according to Reuters.

BP shareholders also approved a new remuneration policy that will lower performance incentives by a majority of 97.32%.

Last year, around 60% of shareholders opposed BP's pay policy after the oil major reported a record loss amid a sharp slump in oil prices.

Dudley's 2016 pay was some 40% lower than the previous year and was a result of "downward discretion" to the four components of his total pay.

BP's new pay policy changes, which will apply for the coming three years, include lowering Dudley's maximum long-term payout to five times salary, from seven times, and cutting bonus payments by a quarter.

Giles_55af4ddca6481.jpg


Register here to be notified of future BP. Company articles
View full BP. profile View Profile

BP plc Timeline

Article
April 14 2016
Article
February 02 2016
Article
January 12 2016

Related Articles

oil workers
November 25 2016
Field development, exploration and even acquisitions could drive SDX Energy's growth through 2017.
oil workers
February 13 2017
"Regaining momentum in our Trinidad production and business development activities is a key objective for the company in early 2017,” said chief executive Neil Ritson.
oil barrels in a stack
February 21 2017
Oil is flowing from the Opuama field into the market, now that Eland has established a shipping operation.
Copyright © Proactiveinvestors.com, 2017. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use