April 15, 2016 Comments Off on BP’s Investors Reject CEO’s Pay Package Amid Slumping Performance Views: 369 California News, National News

BP’s Investors Reject CEO’s Pay Package Amid Slumping Performance

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.

Read More at Wall Street Journal

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