April 15, 2016
By: Daniella Soloway
A majority (59%) of BP’s shareholders voted against the company’s executive compensation decisions for 2015, which included increasing CEO Bob Dudley’s pay by 20% during a year in which the company lost $5.2 billion.
This marks the first time that shareholders of the 100-year old company have rejected its pay structure. The company, however, is looking to avoid a reduction in its dividends, despite the low prices of oil that continues to plague its bottom line.
Although BP’s Chairman Carl-Henric Svanberg stood by the executive pay package, he did acquiesce to the shareholders’ vote to leave Dudley’s pay unchanged. Last year, Dudley took home a salary of about $1.9 million, along with a $1.4 million cash bonus.