LONDON, April 11 Standard Life Investments, a
top investor in BP has called on the oil company to shake
up its remuration code which it says could reward executives for
meeting unchallenging targets.
Speaking at BP's annual shareholder meeting, Guy Jubb,
global head of governance and stewardship at SLI also criticised
the code for being over complicated.
"The 2013 remuneration policy... contains 15 different
performance metrics to incentivise management, which speaks for
itself. We want to see a simplified, cohesive policy that is
demonstrably aligned with BP's values and strategy," he said.
Jubb noted that SLI has voted against or abstained on
remuneration resolutions at seven of the last eight shareholder
"We want to see the Remuneration Committee raise its game
and make significant improvements to address our concerns," he