Shareholders Ask To Freeze BP CEO's Pay

Law360, New York (April 25, 2007, 12:00 AM EDT) -- At a highly anticipated hearing in Alaska’s Superior Court on Tuesday, shareholders of BP Plc requested once again that the judge freeze BP CEO Lord John Browne’s retirement package.

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, have tried in the past to block Browne from collecting $140 million in severance pay.

BP discovered severe corrosion on its Trans-Alaska pipeline system and was forced to close its Prudhoe Bay oil field...
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