Shareholders Want To Freeze BP CEO's Pay

Law360, New York (February 9, 2007, 12:00 AM EST) -- The recent tribulations of BP Plc in the United States have endangered CEO Lord John Browne’s pay. Two large shareholders filed a suit on Friday asking the court to freeze his $140 million severance package because it is undeserved and excessive.

The London Pensions Fund Authority, which owns 3.2 million shares of BP stock, and Unite Here National Retirement Fund, which owns 6,000 shares, filed the suit in Alaska’s Superior Court.

They asked the court to place Browne’s retirement package in a court-approved trust while they...
To view the full article, register now.