BP faces shareholder revolt over top directors’ pay

BP faced a shareholder revolt last night after two lobby groups challenged the oil giant’s remuneration policy for top directors.

Pension fund consultant PIRC labelled forthcoming payouts excessive, and the Association of British Insurers issued an ‘amber top’ alert about the firm’s reward scheme, which includes awarding bumper pay to chief executive Tony Hayward, the Times has reported.

Hayward was a awarded a total pay package of £4.01m last year, up 41% on the previous year, despite BP reporting a 45% fall in annual profits, largely due to the collapse in crude oil prices.

However, other shareholders have said that the group has consulted about payouts and thay they were happy with BP’s performance.

A BP spokesman said: “2009 was an outstanding year of performance, with almost all measures being beaten and some by a substantial margin.”

Last month shareholders at communications company Cable & Wireless threatened a revolt over plans to pay its senior executive £11m.

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