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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