LONDON, April 11 (Reuters) - 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 meetings.
“We want to see the Remuneration Committee raise its game and make significant improvements to address our concerns,” he said.