By Sarah Morrison and Sarah Arnott
Chanting, raging arguments which escalated to scuffles, and shareholders carried out sideways by security – BP’s 2011 annual general meeting, held in London yesterday, broke corporate conventions.
The company’s first meeting with shareholders since last year’s Deepwater Horizon catastrophe in the Gulf of Mexico, which killed 11 workers and caused the worst oil spill in history, saw its executives face questions over their own basic competence and high pay, as well as the company’s safety and environmental records.
In an unusual shareholder rebellion, there was a sizeable protest vote against the pay deals handed to the company’s top bosses. Seven per cent of BP investors voted against the re-appointment of the company’s unpopular chairman, Carl-Henric Svanberg, and 25 per cent voted against the re-election of Sir Bill Castell, the non-executive director who heads BP’s safety committee. Eleven per cent voted against the remuneration report.