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BP's shareholders protesting against their Swedish chairman, Svanberg

Thursday, 11 April 2013
On Thursday oil giant BP will be gathering for its AGM and it can be a loaded event. Some of the company's shareholders have promised to protest against the management's salaries and Chairman Carl-Henric Svanberg, pciture below.

Three of the largest investors in BP, according to the Financial Times said that they plan to abstain from voting for Carl-Henric Svanberg's re-election as chairman and Antony Burgmans re-election as chairman of the company's compensation committee.
Investors are sceptical of Svanberg's decision to become Chairman of the truck manufacturer Volvo and his handling of the BP after the disaster in the Gulf of Mexico in 2010.

But because investors will not vote against, but just to abstain from voting, the results will be as expected. An investor describes it as giving BP a yellow card, not a red.
BP and Svanberg had a tough job of recreating his shattered investor confidence after the disaster off the U.S. coast in 2010, and the share is still trading 30 percent of its value before the disaster.

BP is also facing questions over its investment in carbon-intensive projects in Canada from shareholders linked to the campaign group, UK Tar Sands Network, reports teh British paper, The Guardian.

Investors attending the meeting in London have been urged to oppose BP's remuneration and annual report by the shareholder advisory body, Pirc.
Pirc also calls on shareholders to abstain from voting in favour of the re-appointment of certain non-executives – including the chairman, Carl-Henric Svanberg, on the grounds he is too busy with other work to focus sufficiently on BP.
by Scancomark.com Team

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