Browne to face heated investors
Browne to face heated investors
BP faces a stormy annual meeting this week as shareholders confront top managers over concerns about safety, governance and its conduct in the sale of the assets of Russian oil giant Yukos.
Some shareholders are expected to vote against the company's remuneration report, which would award chief executive Lord Browne shares worth more than seven times his salary. He is set to step down this summer. Corporate governance group Pirc and the Local Authority Pension Fund Forum are advising their members to vote against the report. However, the measures are expected to be passed, after two other bodies, the National Association of Pension Funds and the Association of British Insurers, gave them their qualified support.
The meeting comes in the wake of two damning reports, one chaired by former US secretary of State James Baker, into the 2005 explosion at BP's Texas city refinery, which killed 15 people.
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Shareholders are also concerned about the Yukos auction, in which BP and Russian oil giant Rosneft were the only bidders. BP pulled out after 10 minutes, fuelling suspicion that it only entered the bidding as a favour to the Kremlin to make the sale look competitive.
Guardian Unlimited © Guardian News and Media Limited 2006
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