BP’s annual general meeting is taking place in London today, with the main topic of conversation being the proposed 20 percent pay rise for chief executive Bob Dudley.

Shareholders are concerned over the decision to give its CEO such a big rise during a difficult time for the company, which has been plagued by job cuts and falling profits.

Aberdeen Asset Management and Royal London Asset Management are amongst shareholders considering voting against the move, which will take Mr Dudley’s salary package to £14 million.

Carl-Henric Svanberg, BP’s chairman, spoke at the AGM today to reassure shareholders that their voices were being heard:

“They are seeking change in the way we should approach this in the future… But let me be clear. We hear you. We will sit down with our largest shareholders to make sure we understand their concerns and return to seek your support for a renewed policy.”

14/04/2016