LGIM statement: BP remuneration package
Sacha Sadan, Director of Corporate Governance at Legal & General Investment Management (photo, right) comments on the decision by shareholders to vote against BP’s remuneration package.
“LGIM voted against the remuneration report as we felt there was poor alignment between long-term shareholder returns and executive remuneration.
In LGIM’s view the remuneration committee should have used discretion to scale back bonus payments and long term Incentive awards (LTIP) to Executive Directors during the year.
“We welcome the Chairman’s speech to meet leading investors and we will continue to engage with BP to develop a policy better aligned to long term shareholder returns.”
For more information please contact:
Head of Group Corporate Communications, Legal & General
t: +44 (0) 20 3124 2095
Media Relations Manager, LGIM
t: +44 (0) 20 3124 4355
Notes to editors
Legal & General Investment Management
Legal & General Investment Management (LGIM) is one of Europe’s largest institutional asset managers and a major global investor. LGIM manages £746.1 billion in assets for more than 3,000 clients*. Throughout the past 40 years we have built our business through understanding what matters most to our clients and transforming this insight into valuable, accessible investment products and solutions. We provide investment expertise across a full spectrum of asset classes including equities, fixed income, commercial property and cash. Our capabilities range from index-tracking and active strategies to liquidity management and liability-based risk management solutions.
*Source: LGIM as at 31 December 2015