Bob Dudley

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BP facing possible shareholder revolt over Dudley’s pay

Oil major BP is facing a potential shareholder revolt over chief executive Bob Dudley’s £8.6million pay package, up by 25% in 2014, at its annual general meeting this month. The potential protest over his remuneration is being encouraged by two groups which advise shareholders in FTSE 100 Index-listed companies. Mr Dudley’s bumper pay rise came in the same year as BP launched a £665million cost-cutting drive, which in January led to the company announcing about 200 full-time onshore positions and 100 contractor roles would be shed from its 4,000-strong North Sea workforce. BP introduced a pay freeze for staff this year as oil and gas firms look to cut costs in response to the recent slump in crude prices.