BP shareholders reject chief’s $20m pay package

A majority of BP shareholders voted on Thursday against paying chief executive Bob Dudley a $20 million (€17.7m) pay package for for 2015, in a rare move reflecting outrage over the proposed remuneration after the oil company posted losses.

Even though the vote is non-binding, BP executives said they would consider it very seriously and that they were planning to review the remuneration mechanism in the next few months. Some 59.11 percent of shareholders voted against the pay.

Mr Dudley was due to receive a $19.6 million compensation package for 2015, a year in which shrinking profit margins triggered by sharp falls in the price of oil led to more than 5,000 job losses at the company.

Reuters