Some shareholders in BP are threatening to vote against the oil company's executive pay proposals in protest at the size of Lord Browne's remuneration package when he leaves in July.

The Local Authority Pension Fund Forum (LAPFF), whose members own about 1.2 per cent of BP and have £70bn in total under management, has said its members would oppose BP's remuneration report at the forthcoming annual meeting because of an "insufficient linkage between executive pay and health-and-safety performance".