BP to face pay awards anger

OIL giant BP is expected to face further shareholder ire at its annual general meeting over “wholly unacceptable” boardroom pay packets awarded in the wake of the Gulf of Mexico oil disaster.

Chief financial officer Byron Grote and chief executive of refining and marketing Iain Conn were awarded £380,000 (€427,424) and £310,000 (€348,698) respectively for hitting targets in their area of the business in 2010.

While Tony Hayward, who presided over the company at the height of the Deepwater Horizon crisis, has not received an annual bonus for 2010, he and former head of exploration Andy Inglis could potentially earn up to £8 million (€9m) and £6m (€6.75m) from vested performance shares, which relate partly to the period in which the disaster occurred.

Chief executive Bob Dudley did not receive a bonus last year.

BP is still reeling from the Gulf of Mexico disaster last year which killed 11 workers and triggered the largest offshore oil spill in US history.

A raft of investors have come forward to announce their intention to vote against the report today.