BP Survives Investor Revolt Over Pay, Oil Sands |
| BusinessWeek - Apr 15, 2010 |
BP Plc appeared to face down investor anger over executive pay and Canadian oil sands, the world’s biggest crude reserves after Saudi Arabia.
Shareholders who proposed a motion at their annual meeting calling on BP to review the risks related to the energy- intensive extraction of heavy oil from tar sands in Alberta were defeated, according to early results. Chief Executive Officer Tony Hayward, under fire after being awarded a 41 percent pay increase in 2009 when BP’s earnings fell, had his remuneration package approved.
“BP is well aware of the extreme sensitivity of environmental issues for any investment in oil sands, and seems to have built conservative assumptions into the financial framework to allow for these extra costs,” said Ivor Pether, who helps manage $9.2 billion in assets at Royal London Asset Management. “There has been a notable upward shift in general in the trend for the awards of performance-related pay with little justification.”
Read Full Article from BusinessWeek
- Posted: 2010-04-15 11:09:32
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