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Thursday, August 11, 2022

Norway’s wealth fund welcomes BP CEO’s lower pay package

By Gwladys Fouche

OSLO (Reuters) – Norway’s $ 915-billion (737 billion pound) sovereign wealth fund, a major investor in oil firm BP (BP.L), welcomed the lower pay offered to its chief executive Bob Dudley, the fund’s CEO told Reuters on Friday.

“The formulation in the discussion they (BP) have had, and the motion (…) is of “downward discretion”, which I think is more in line with what we are thinking about on this issue,” Yngve Slyngstad said in an interview on the sidelines of a news conference.

The CEO of the fund, which is BP’s fifth-largest investor with a 1.83 percent stake, declined to say how the fund would vote at BP’s upcoming annual general meeting. It voted in favour of Dudley’s pay package last year.

(Editing by Terje Solsvik)

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