British energy producer BP has suffered a revolt by shareholders who objected Thursday to increasing Chief Executive Bob Dudley's pay package by 20 percent after profit plunged last year.
Almost 60 percent of shareholders rejected the remuneration report, which awarded Dudley a $19.6 million pay package even though the company experienced a drop in profit and planned thousands of job cuts worldwide. But the vote was only advisory, and merely registered displeasure.
The company said it got the message — and promised to review its remuneration policy ahead of next year's meeting. New proposals are expected to be put forward for shareholder approval in 2017.