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Rejection by BP shareholders of director’s remuneration package is welcome sign of ethical shareholder action

John McDonnell MP, Labour’s Shadow Chancellor, welcoming the decision by BP shareholders at their AGM today in opposing a pay package of almost £14m for the corporation’s chief executive, said:

“The rejection by BP shareholders today of the director’s eye watering remuneration package is a welcome sign of ethical shareholder action, given the company is making large job cuts in other parts of the business.

“It further shows a sign of a growing revolt against the ‘rewards for failure culture’ that we have got so used to seeing at a boardroom level for far too long. Labour wants to encourage more shareholder activism linking to trade union pressure in order to secure increased accountability in our corporations.”

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