PIRC urges 'no vote' on BP director pay

Shareholders of BP have been urged to next week vote against the oil giant’ remuneration report by PIRC, the corporate governance watchdog.

BP'S chief executive, Tony Hayward, was awarded a 41 per cent pay rise in 2009 despite the company's profits coming in more than 50 per cent down on the previous year. It said: “PIRC considers that combined remuneration was excessive in the year under review and is also concerned regarding the lack of transparency surrounding the performance conditions attached to the Executive Directors Incentive Plan.”

However, PIRC has recommended that shareholders abstain on a resolution that requests the company commissions and reviews a report setting out the assumptions made by BP in proceeding with its Canadian oil sands venture.