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ISS
and the Local Authority Pension Fund Forum (LAPFF) joined a
third advisory, Glass Lewis, in the recommendation to back a
remuneration policy that will run from 2017 onwards.
Another advisory, Pensions & Investment Research Consultants (PIRC),
urged shareholders to oppose the policy.
Executive remuneration has become a major source of friction
between companies and investors after the collapse in oil prices
in 2014 which led to a sharp drop in profits. BP recorded its
largest loss in 20 years in 2016.
"We have worked closely with our major shareholders to develop a
new remuneration policy," a BP spokesman said. “We are pleased
to see that the three largest proxy advisors have all reacted
positively to the new policy and remuneration report."
ISS also recommended the approval of Dudley's $11.6 million
salary in 2016 after it was slashed by 40 percent following an
investor uproar last year. The non-binding vote on that issue
will be held at BP's May 17 annual general meeting.
"The company engaged with shareholders since then and has put
forward remuneration proposals with many positive amendments
over the previous structure and approved policy," ISS said in a
note calling for a vote backing the 2017 remuneration policy.
LAPFF did not provide any recommendation on the 2016
remuneration.
(Reporting by Ron Bousso; Editing by David Goodman and Edmund
Blair)
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