ShareSoc said only one of the performance measures used to calculate Dudley’s long-term share award, which is worth up to 550% of his $1.8 million basic salary, was transparent - the company’s total shareholder return relative to rivals.
It added: “This makes it very difficult for shareholders to judge how easy or difficult the targets are. It also means the plan is complex - not ‘simple’.”
The group is the latest voice to join a chorus of shareholders objecting to BP’s pay plans. Last week, Royal London Asset Management branded the proposed rise in Dudley’s pay as “unreasonable and insensitive” and said it would vote against the report.
Shareholder advisor Pirc has called his package “highly excessive” and “not acceptable”.
Institutional Shareholder Services and Glass Lewis also recommended BP shareholders reject the packages, although the company has defended its stance on boardroom pay despite rising ire among investors.
