The shareholder rebellion against the chunky pay rise for BP chief executive Bob Dudley is gathering new voices.

On Friday, Royal London Asset Management, which holds 0.7 per cent of BP shares, shared its views. Ashley Hamilton Claxton, corporate governance manager at the investment firm, said:

This proposed increase is both unreasonable and insensitive. In a year in which BP has reported its worst ever annual loss, it has decided to sharply boost Mr. Dudley’s remuneration. We will be voting against this proposal.

While we acknowledge BP has had to weather a turbulent period for oil markets, we strongly believe that executive remuneration should remain tied to performance.

Institutional Shareholder Services, the advisory group that represents about 20 per cent of the shareholders in the UK stock market, has recommended investors vote against BP’s remuneration report. Glass Lewis, another advisory group, has also urged investors to oppose Mr Dudley’s pay.

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