London May 15 A third of BG's
shareholders voted against the energy company's remuneration
report on Thursday highlighting investors' unease over its
bosses' pay following its warning about lower output and the
CEO's sudden departure last month.
Some 33 percent of shareholder votes cast were against the
group's remuneration report.
BG has begun a major review of its assets after Chief
Executive Chris Finlayson quit after just 16 months in the job.
The oil and gas group has also warned that output would be at
the lower end of its target range this year due to problems in
Egypt. The company has said it
might consider partial asset sales in places such as Tanzania,
Canada, the United States and Brazil.
The upheaval has led to speculation that a takeover bid for
BG is a possibility.
During the shareholder meeting, chairman Andrew Gould was
asked about the future of the company given the speculation that
BG could attract a takeover bid or be broken up. He also
mentioned the management changes.
"I'm not going to pretend it is not unfortunate ... But I'm
not concerned we won't be able to attract the right candidates,"
said Gould, who is now interim executive chairman following the
CEO's departure. He reiterated that he would step down from this
interim executive role when a replacement for Finlayson is
Gould said BG has passed the peak of its capital investment
which should decrease from 2015. "I'm convinced the long-term
growth story for the company remains intact."
He also said BG had more realistic expectations of what it
would take to develop reserves and could chose to sell out of
some projects before taking them to maturity.
Gould also said that in the event the company decided to
sell some assets, it would look at increasing profit
distribution to shareholders.
(Reporting by Dmitry Zhdannikov. Editing by Jane Merriman)