2nd UPDATE: PIRC: BP Holders Should Reject BP Chairman On RBS Link
07 Aprile 2009 - 2:37PM
Dow Jones News
Shareholders of U.K. oil giant BP PLC (BP) should vote against
the reelection of Chairman Peter Sutherland due to his actions as a
non-executive director at the troubled Royal Bank of Scotland Group
PLC (RBS), investor advisory group PIRC said Tuesday.
"In our opinion, his actions as a non-executive director of
Royal Bank of Scotland and as a member of its remuneration
committee, bring into question his suitability as BP's chairman,"
PIRC said.
The non-executive directors of RBS have been criticized for
allowing the bank to undertake a risky expansion strategy that has
been blamed for its recent downfall. Those on the remuneration
committee have been even more strongly criticized for allowing
former chief executive Fred Goodwin to walk away with a GBP693,000
annual pension.
The bank is now majority owned by the U.K. government after it
was forced to inject billions of pounds to keep it afloat.
"Peter Sutherland has proved to be a deeply able and highly
respected chairman of BP for the past decade," said a spokesman for
BP.
"PIRC has made it very clear that they would support his
reelection based on his record at BP. It is a great pity that they
have chosen to oppose him on grounds that have nothing to do with
the company. PIRC's view isn't shared by our shareholders as a
whole," he added.
Sutherland isn't the first BP board member to come under fire
for connections to RBS. Last week, former RBS Chairman Tom McKillop
said he won't be seeking reelection as a BP non-executive director
after some shareholders voiced opposition.
PIRC also advised BP shareholders to vote down the remuneration
report because the company hasn't justified the most recent salary
increase of its executives. BP Chief Executive Tony Hayward's total
remuneration in 2008 rose 17% to GBP2.5 million.
He also received shares valued at GBP336,000 in a long-term
incentive scheme, even though the company's performance ranked at
the bottom of its peer group. Under the rules of the scheme, BP
directors should have been awarded no shares this year, as they
were in 2007, but the committee used its discretion to award 15% of
the potential maximum number of shares.
Sutherland has been a good chairman and shouldn't be tarnished
by his role at RBS, said ING analyst Jason Kenney.
Concerns about excessive pay for BP directors also aren't
justified considering Frank Chapman, chief executive of smaller
U.K. oil and gas firm BG Group (BG.LN), was paid GBP11.3 million in
2008, compared with GBP2.8 million received by BP's Chief Executive
Tony Hayward, Kenney said.
Sutherland was due to retire as BP's chairman this month, but
agreed to extend his term because the company has failed to find a
replacement. Former Rio Tinto PLC (RTP) Chairman Paul Skinner was
the favorite to replace Sutherland, but was ruled out after he had
to extend his term at the mining giant to help settle a
controversial deal with Chinese aluminum company Chinalco.
The spokesman said the process to find a new chairman is ongoing
and Sutherland has agreed to stay on until his successor is
identified.
At 1152 GMT, BP shares were down 9 pence, or 2.0%, at 444 pence,
in a weaker market.
-By Steve McGrath and James Herron, Dow Jones Newswires;
44-20-7842-9284; steve.mcgrath@dowjones.com