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More investor rebellions brew as BP and Shell bosses’ pay comes under fire

Alys Key: Retail and leisure reporter: Tuesday 15 May 2018

More shareholder rebellions are brewing as a summer of AGM revolts gets underway, with oil and gas companies the latest to face the music.

Shareholders in BP are being urged to vote against the “unacceptable” pay of chief executive Bob Dudley, whose remuneration is 48 times higher than the company’s average employee.

Advisory service Pensions & Investment Research Consultants (Pirc) advised shareholders to oppose the company’s remuneration report at the annual general meeting on 21 May.

“Performance share awards granted during the year under review are excessive, amounting to 363.7 per cent of salary for the CEO,” Pirc said in a note. “Total variable pay for the year under review is also inappropriately excessive, amounting to 581 per cent of salary.”

Meanwhile, Royal Dutch Shell was also criticised by Pirc for its “excessive” executive pay.

Chief executive Ben van Beurden’s total realised variable pay is considered excessive at 471 per cent of his base salary.

As well as advising investors to oppose the remuneration report, the service also advocated voting against the re-election of senior independent director Gerard Kleisterlee on account of his role as the chair of the remuneration committee. Pirc said that “concerns remain over the excessive levels of remuneration, as evidenced by repeated recommended oppose votes against the report”.

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