Pension Investment Research Consultants Ltd., a U.K.-based adviser to investors that doesn't own shares, said that shareholders should reject the annual report because the company didn't allow for a vote on reinstating the dividend at 7 cents a share in the fourth quarter, half the level before the spill.
Hayward, Inglis
PIRC also opposes the pay given to Tony Hayward, who stepped down as CEO in October, and Andy Inglis, the former head of exploration and production. They were treated as "good leavers" by keeping an interest in shares that could be worth more than 6 million pounds ($10 million) each, PIRC said.
While most BP executives, including Dudley, received no bonus for last year, Iain Conn, the head of refining and marketing, and Chief Financial Officer Byron Grote each got 30% of their maximum payout.
Pay packages should have been "more moderate" in light of the spill, Norway's KLP Bank spokeswoman Jeanett Bergan said. Objections to executive pay may be the loudest at an international oil company since Royal Dutch Shell Plc shareholders rejected bonuses paid to executives in 2009 even after performance targets weren't met.
"They'll really be going for blood," said Christine Tiscareno, an equity analyst at Standard & Poor's in London. "It could be the most ineffective meeting for a while."