UK - The governance and safety record of BP is of far more concern than the excessive compensation paid to outgoing CEO John Browne, the London Pensions Fund Authority (LPFA) has claimed.
Browne is set to receive a £72m (US$140m) severance package despite the fact BP's performance has been poor, prompting shareholders – including the LPFA - to file a lawsuit seeking to freeze those benefits.
But the £3.5bn pension fund added: “Whilst the LPFA is in agreement… the sums quoted for Browne are indeed excessive, we are much more concerned about good governance and the health and safety record of BP and this remains our principal issue and focus.”
The oil company has been blighted by a raft of problems in recent times, including various high profile safety failures.
On the issue of Browne’s severance package, the LPFA stressed it was not leading on the matter and thus not in a position to issue any specific details about the contents of the lawsuit.
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The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.