BP pay boss feels the heat from revolt over Dudley’s £14 million

BP’s pay chief is facing mounting pressure after the humiliating shareholder revolt over boss Bob Dudley’s controversial £14 million pay packet.

Dame Ann Dowling, chair of the BP remuneration committee and a Cambridge professor, bore the brunt of criticism over her failure to negotiate a better deal for shareholders.

Dudley’s 20% pay rise, sanctioned by her pay committee, was overwhelmingly voted down by investors.

BP also took independent advice from FTSE 100 pay consultant Gerrit Aronson on the deal.

PIRC head of governance Tim Bush said: “Dame Ann should be held to account for this. It’s for the board to decide if she’s the right person for the job.”

High Pay Centre director Stefan Stern added. “She will certainly have to consider her position. But the board as a whole has some serious thinking to do about its attitude and approach to top pay.”

The oil group pointed out that 98% of shareholders voted to re-elect Dame Ann at yesterday’s meeting.

She is now leading a review into BP’s remuneration policy, which will overhaul how much its executives get paid.

Under laws introduced in 2013, BP will have to win support for this new pay policy at next year’s annual meeting or bosses will not get paid.

The previous policy which triggered Dudley’s £14 million payout was approved in 2014 with 96% of shareholders voting in favour. by PwC suggested that an exit could remove £12 billion of value from the UK economy.