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24

Shareholder Revolt at BP

Major shareholders of BP are said to be ready to reject the company's remuneration report amid concerns over Lord Browne's inclusion

Oil giant BP was today facing a shareholder revolt regarding the pay package of resigning chief executive Lord Browne.

Major shareholders of BP are said to be ready to reject the company's remuneration report amid concerns over Lord Browne's inclusion in the company's latest three-year incentive scheme, which runs until the end of 2009, despite stepping down as chief executive in July.

The Pensions Investment Research Consultancy, which advises pension funds and fund managers, has already expressed "significant concerns" over the BP remuneration committee's decision to allow Lord Browne to take part in the three-year plan.

PIRC is advising its members to vote against the report on Thursday, amid wider concerns over the generosity of BP's pay packages for directors. Its clients control funds worth more than 750bn pounds in total.