Britain’s leading investors sent out a stern warning to boards on Thursday that they take a dim view of the hefty retention bonuses increasingly offered to executives who have been passed over for the top job.
More than a third of BP’s shareholders failed to support last year’s executive pay packages at the oil company’s annual meeting, a level of protest seldom seen in the UK. The revolt was caused by one-off bonuses proposed for two executives, passed over for the job of chief executive.
One of the group’s top-10 investors said: “The huge protest against retention bonuses for people who didn’t get the chief exec’s job is a shot across the bows for all companies, not just BP.”
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