| LONDON, April 7
LONDON, April 7 Investors should oppose the
reappointment of Peter Sutherland as chairman of BP (BP.L) over
his role as non-executive director of stricken lender Royal Bank
of Scotland (RBS.L), corporate governance advisors PIRC said on
PIRC, which advises institutional investors with over 1.5
trillion pounds ($2.24 trillion) in assets, drew attention in
particular to Sutherland's role on RBS's remuneration committee,
which approved an enhanced pension for former Chief Executive
Fred Goodwin, who presided over RBS's near-collapse.
"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 in a
BP spokesman David Nicholas said PIRC's views were not
shared by most BP shareholders.
"It is a great pity that they have chosen to oppose his
re-election on grounds that have nothing to do with the company,
all the more so because he is retiring and has only agreed to
stay on until a successor is found," he said.
BP holds its annual general meeting on Thursday, April 16.
RBS was saved from collapse by the government injecting tens
of billions of pounds and guaranteeing hundreds of billions of
Goodwin was blamed for allowing RBS to overreach itself. His
693,000 pounds per year pension caused public uproar in the UK,
prompting the government to ask the former CEO to give it up. He
Sutherland was an RBS director from 2001 to 2009, but left
after a boardroom cull two months ago.
Former Royal Bank of Scotland (RBS.L) Chairman Tom McKillop
resigned as a director of BP, the world's fourth-largest
non-state-controlled oil company by market value said last week.
For a story on investor fury at AGMs, please click on
(Editing by Will Waterman)