By Charles Kennedy and cross-posted from WOLF STREET
BP is facing a revolt from its shareholders over the salary of its CEO Bob Dudley.
Dudley’s salary jumped 20 percent in 2015 to $19.6 million, the same year in which BP reported a record loss of $6.4 billion and laid off more than 5,000 workers.
His rising salary has been met with opposition from shareholders because it is not only unseemly, but also because the raise is not connected to the company’s negative performance.
“We consider the pay of the CEO to be simply too high, and particularly so in a year when the company suffered a record loss of $6.4 billion in 2015. Even so his pay went up by 20 percent,” wrote shareholder advisory group ShareSoc, pressings its members to vote against the company’s proposed salaries…
Continue reading the article at WOLF STREET