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BP shares rise in New York as shareholders approve reduced CEO pay package

Shareholders also approved a new remuneration policy that will lower performance incentives.
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Bob Dudley is BP's chief executive

Energy behemoth BP PLC (LON:BP, NYSE:BP) ticked 0.92% higher in New York to $36.58 as shareholders approved the reduced £9mln 2016 pay package for chief executive Bob Dudley.

The cut was made by the oil major in response to investor pressure.

With the vast majority of votes counted, 97.09% of BP shareholders at today’s annual general meeting voted to adopt the firm’s 2016 pay levels, according to Reuters.

BP shareholders also approved a new remuneration policy that will lower performance incentives by a majority of 97.32%.

Last year, around 60% of shareholders opposed BP's pay policy after the oil major reported a record loss amid a sharp slump in oil prices.

Dudley's 2016 pay was some 40% lower than the previous year and was a result of "downward discretion" to the four components of his total pay.

BP's new pay policy changes, which will apply for the coming three years, include lowering Dudley's maximum long-term payout to five times salary, from seven times, and cutting bonus payments by a quarter.

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