Almost a fifth of British Petroleum's (BP) investors voted against management's pay at the company's annual general meeting today following concerns about the company's safety and environmental record.
Over 17 per cent of shareholders opposed the remuneration scheme for its top executives, and a representative of ethical investor Co-Op urged far greater emphasis on safety performance in BP's long term remuneration package.
UK corporate governance consultancy PIRC had recommended that shareholders vote against BP's remuneration report, saying that BP should tie its bonus scheme more closely to improving its safety systems.
US regulators blamed poor safety and cost cutting for an explosion at a Texas refinery that killed 15 people in 2005.
PIRC also opposed a proposed early retirement package worth over £30 million for chief executive John Browne because it would see him participate in a profit-sharing scheme even after he leaves the company.