Activist shareholders targeting BP’s policies on executive pay and investment in the Canadian oil sands failed to win much support at the UK supermajor’s an- nual shareholder meeting Thursday. A coalition of investors had proposed a resolution calling on the BP board to com- mission a report looking into its invest- ment in the proposed Sunrise oil sands project in Alberta amid concerns about the scheme’s environmental impact (IOD Feb.16,p1). A number of shareholders had also expressed concern at the company’s pay policy in 2009, especially the decision to award Chief Executive Tony Hayward a 41% increase when BP profits fell 45%.
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