Nine percent of BP investors refuse to back Chairman

11th Apr 2013 16:05

At BP's annual general meeting (AGM), six per cent of investors voted against the re-election of Carl-Henric Svanberg as Chairman of the group. Including abstentions, 9.0% of shareholders declined to support the oil giant's existing Chairman, according to the Daily Telegraph.On the issue of executive pay and bonuses, 5.9% voted against the remuneration policy, not including abstentions.Major institutional investor Standard Life Investments, which holds 1.33% of the stock and has abstained or voted against BP pay at seven of the last eight AGMs, called for the company's remuneration committee to raise its game on executive pay. Guy Jubb, global head of governance and stewardship at the asset management company, requested BP's pay policy to be strengthened and simplified, saying it was "concerned that the executives have the potential to receive significant rewards for achieving unchallenging performance targets".OH