BP faces the wave of protests at its meeting in London Thursday that the United States Gulf Coast fishermen complain of poor compensation for the oil spill and institutional investors are protesting against the shareholders excessive executive pay packets.
But the company acquired certain criticism room breathing on another major problem - at the last minute, he won an extension to the original deadline of Thursday to complete a major agreement in Russia stalled in a dispute with other partners of the company in this country.
Just ahead of the annual general meeting, which is expected to attract hundreds of disgruntled investors, said BP OAO Rosneft the Russia agreed to move the date limit for completing a swap on part of 16 billion to May 16.
This photo of September shows workers vacuuming of oil from the BP disaster. (Patrick Semansky/Associated Press)Rosneft had initially refused to move on the date limits, throwing the deal in doubt and a large shadow over the meeting of shareholders - the first time since the eruption although Macondo in the Gulf almost a year that triggered the largest oil spill in the history of the United States.
Rosneft Rustam Kazharov spokesman confirmed the extension of the deadline, but he refused to comment on the request if the company expected seek another partner to replace BP in the Pact to explore the Russian sector of the Arctic.
Adding BP woes, two of the greatest the world pension funds have added their names to a growing list of investors to vote against the annual report of the company at the planning meeting. Complaints include the level of the premiums of the Executive and the re-election of a key security Executive.
Indigenous communities in anger against the participation of society in the extraction of oil sands of the Canada and dozens of local workers faced with a conflict at a plant in biofuels belonging to BP in the North of England, also provide demonstrations outside the vast Center of ExCel London meeting, in the District of the London Docklands.
Investors who have watched the company BP PLC will lose a quarter of its market value, or $ 55 billion, in the past 12 months, as well as losing their valuable dividends payments, are ready to put the company on the spot.
The meeting is scheduled in a few days just shy of the anniversary of the explosion that killed 11 workers and has begun to spill which has up to this cost BP about $ 40 billion - and former CEO Tony Hayward his employment.
It is also the first opportunity many investors have had to respond publicly BP management.
A group of fishermen on the coast of the Gulf to the United States, who have been affected by the spill have purchased shares of the company to give them the right to attend the meeting - and to keep the disaster under the spotlight.
"I have come to articulate the anger of thousands of residents of the Gulf Coast whose life and livelihoods have been destroyed, while the Commission BP continues to prosper," said Diane Wilson, Texas fourth generation fisherwoman.
Byron Encalade, President of the Association in Louisiana, said that he planned to address the society in its process of compensation, claiming many oystermen have denied payments or given insufficient payments.
"We have not made any: our fishing grounds have been exhausted, our oysters are dead, and we do not receive the funds we need to support and maintain ourselves,"Said Encalade."."We are seeing money goes everywhere in the world, but at ground zero. We are the communities to ground zero, the first to be put out of work and we will be the last to be able to return to work and supporting us. ?
A young Brown Pelican perched on an oil boom to off the coast of Louisiana, last year. Local wildlife decimated BP oil disaster. (Sean Gardner/Reuters)Institutional shareholder pressure also increases the Director General Bob Dudley, the first American to lead the British oil company since the support in October and Chairman Carl-Henric Svanberg.
CalPERS, the largest public pension fund of U.S. and the Board of Directors of the State in Florida have said they will join other small American and European religious and ethical Fund by voting against the renewal of the mandate of Bill Castellthe head of security, environment and ethical Insurance Committee. Pension of two specific States together advice about 0.4% of the total stock of BP.
And Pirc, the service of investors and the Association of British insurers have issued warnings on packages of excessive remuneration for two executives of BP.
Iain Conn, head of BP refinery and Chief Financial Officer Byron Grote receive $505 000 and $621,000 for their performance not related to the oil spill.
Hayward also grabbed headlines with a pension of 17.9 million US, the benefits of 1.6 million US and the approximately 13 million in the options part despite a series of public blunders that led to his assignment to the position of CEO of Dudley.
Dudley is unlikely to face that all lead critical on this front, but he waived his bonus this year.
However, it will be under pressure to explain share swap impasse with OAO Rosneft the Russia. In the deal, BP and Rosneft share stakes valued at approximately $ 8 billion each.
The agreement was cement of BP, moving ahead by the Gulf spill and show it no longer has need to rely so heavily on the United States, which is always prohibited drilling in the Gulf.
Instead, a Quartet of Russian billionaires, who are partners of BP in the joint venture TNK - BP older have successfully challenged the swap part before the courts, acquiring an injunction against the agreement.
Although BP has won with success some breathing room by obtaining Rosneft to extend the deadline, the injunction remains.
BP said Thursday that it will continue with the process appointed to the Court of arbitration "get a final award on all outstanding issues."
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