BP shareholder revolt over executive pay plans shrugged off

BP looks to have shrugged off fears of a shareholder revolt over its executive pay policy after preliminary results showed 84% of shareholders voted in favour of its remuneration plans.

The votes cast by shareholders ahead of the annual general meeting make up about 59% of total shares.

The final result of the shareholder vote, including those who attended yesterday’s meeting, are expected to be revealed in the next couple of days, the BBC reported.

The positive vote in favour of the oil firm’s pay policy came despite its chief executive Tony Hayward having received a 41% rise in his remuneration package in 2009 – meaning he was paid about £4m in salary, bonus and share awards.

Last year profits at BP fell by 45% to £9.2bn.

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