The Institute of Directors (ISS) has urged BP shareholders to exercise caution before backing an award of $20m (£14m) to the company’s CEO, Bob Dudley, during the year in which the company saw its worst-ever losses. The director general of the ISS said the deal would send “the wrong message” when set against the backdrop of BP’s $6.5bn annual loss and the removal of 7,000 jobs. Major shareholders in BP, such as Aberdeen Asset Management and Royal London Asset Management, have already expressed concern about the pay deal, as have proxy advisers Glass Lewis, IoD and ShareSoc. Shareholders are also expected to raise questions about climate change risks, a controversial drilling project in Australia, and secrecy about a company archive at the AGM.
The Institute of Directors (IoD) has urged BP shareholders to exercise caution before backing an award of $20m (£14m) to the company’s CEO, Bob Dudley, during the year in which the company saw its worst-ever losses. The director general of the IoD said the deal would send “the wrong message” when set against the backdrop of BP’s $6.5bn annual loss and the removal of 7,000 jobs. Major shareholders in BP, such as Aberdeen Asset Management and Royal London Asset Management, have already expressed concern about the pay deal, as have proxy advisers Glass Lewis, ISS and ShareSoc. Shareholders are also expected to raise questions about climate change risks, a controversial drilling project in Australia, and secrecy about a company archive at the AGM.