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Shell and BP may face further shareholder opposition at AGM

Shell and BP may have to face down shareholder opposition to their chief executives’ pay packets at their annual general meetings next week.

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And for the third year in a row, Shell investors will vote on a resolution asking the company to set clear goals for meeting climate change targets.

Recommendations by the Institutional Shareholders Services (ISS) once again focus heavily on the pay of top executives at the energy giant, with ISS raising concerns over the 80% rate of bonus delivered to the CEO of Shell despite only reaching 70% on sustainable development targets.

Similarly, investors advisory firm Pensions and Investment Research Consultants (PIRC) continued to caution shareholders against sanctioning BP chief executive Bob Dudley’s remuneration package, which it called “excessive” in 2017 as it soared by more than £1 million to £9.5m.

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