This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/6547813.stm
The article has changed 3 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| BP boss facing pay package revolt | BP boss facing pay package revolt |
| (about 1 hour later) | |
| A revolt over the pay package of outgoing BP chairman Lord Browne is expected at the company's annual general meeting, which has begun. | |
| Major shareholders are thought to be preparing to reject the company's pay report which includes Lord Browne in a three-year incentive scheme. | |
| This would entitle him to payouts until 2009, despite leaving the firm in July. | This would entitle him to payouts until 2009, despite leaving the firm in July. |
| The Pensions Investment Research Consultancy (PIRC), has expressed "significant concerns" over the plan. | The Pensions Investment Research Consultancy (PIRC), has expressed "significant concerns" over the plan. |
| PIRC, which advises pension funds and fund managers, is advising members to vote against the report. | PIRC, which advises pension funds and fund managers, is advising members to vote against the report. |
| 'Grotesque pay-off' | 'Grotesque pay-off' |
| Lord Browne is expected to gain a £5.3m cash package, up to £21m of extra BP shares, and a pension worth £21.7m. | Lord Browne is expected to gain a £5.3m cash package, up to £21m of extra BP shares, and a pension worth £21.7m. |
| BP said that Lord Browne's inclusion in the incentive plan was justified - saying that this reflected long-term decisions he was taking while still in the job. | BP said that Lord Browne's inclusion in the incentive plan was justified - saying that this reflected long-term decisions he was taking while still in the job. |
| The Association of British Insurers has cleared the pay package after BP halved the bonuses of directors last year. | The Association of British Insurers has cleared the pay package after BP halved the bonuses of directors last year. |
| Separately, Labour leadership contender Michael Meacher has called on BP shareholders to try to block Lord Browne's payoff. | Separately, Labour leadership contender Michael Meacher has called on BP shareholders to try to block Lord Browne's payoff. |
| "I call on BP shareholders to reject this grotesque pay-off," said Mr Meacher. | "I call on BP shareholders to reject this grotesque pay-off," said Mr Meacher. |
| "We need to end the situation where City bosses set each other's rewards." | "We need to end the situation where City bosses set each other's rewards." |
| Early departure | Early departure |
| BP said last month that Lord Browne's pay packet had shrunk for the second year in a row to £4.57m in 2006, down 28% from 2005. | BP said last month that Lord Browne's pay packet had shrunk for the second year in a row to £4.57m in 2006, down 28% from 2005. |
| The oil firm announced in January that Lord Browne would retire in July, 18 months ahead of his original departure date at the end of 2008. | The oil firm announced in January that Lord Browne would retire in July, 18 months ahead of his original departure date at the end of 2008. |
| BP has suffered problems in recent years including oil spills in Alaska and an explosion at one of the firm's US refineries in 2005 in which 15 people died. | BP has suffered problems in recent years including oil spills in Alaska and an explosion at one of the firm's US refineries in 2005 in which 15 people died. |
| Lord Browne has been with BP for 40 years, and led the firm for 12. | Lord Browne has been with BP for 40 years, and led the firm for 12. |