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BP annual meeting sparks angry protests BP annual meeting sparks angry protests
(about 1 hour later)
BP faced angry protesters at its first annual general meeting since the disastrous Gulf of Mexico oil spill. BP faced angry demonstrators at its first annual general meeting since the disastrous Gulf of Mexico oil spill.
Fishermen from the US, trade unionists, and other protesters waved banners and banged drums outside the meeting. Fishermen from the US joined UK trade unionists and environmentalists for almost four hours of protests at the AGM in London.
There were scuffles inside and outside the AGM in London, and it is understood one women was arrested for a breach of the peace. There were scuffles outside the hall when some activists were refused entry, and proceedings inside were momentarily halted to evict a group of people.
Almost a year ago 11 workers were killed when the Deepwater Horizon rig exploded, unleashing a huge oil spill. It is understood that one woman was arrested for a breach of the peace.
Inside the meeting at the ExCel centre in east London, a string of shareholders quizzed the board on safety and environmental issues. Inside the ExCel centre in east London the BP board faced a barrage of hostile questions about its "green" credentials, pay, and ill-starred bid to do a deal with Russia's Rosneft.
BBC business reporter Rob Young said some protesters had attempted to storm the stage and one was physically carried out. Lost trust
BP chairman Carl-Henric Svanberg described it as a "disturbance" at the back of the hall. But it was last year's fatal explosion at the Deepwater Horizon rig, which unleashed a huge oil spill, that sparked the most vocal protests.
He apologised to the audience, admitting that some people had "strong emotions". However, the meeting continued with barely a moment's disruption.
A number of people, representing Gulf communities, were refused entry to the AGM.
BP said that the group were judged to be a threat to other shareholders.
During his opening speech, Mr Svanberg said life had "not been easy" for the company during the past 12 months.
He stressed the company's new focus on safety issues and re-training of thousands of staff and said a key task now was to "work hard to earn back trust".
Troubled deal
The meeting has been passionate at times, especially when a statement from the father of one of the dead oil rig workers was read out.The meeting has been passionate at times, especially when a statement from the father of one of the dead oil rig workers was read out.
"You were rolling the dice with my son's life and you lost," said the statement on behalf of Keith Jones."You were rolling the dice with my son's life and you lost," said the statement on behalf of Keith Jones.
Some people who had travelled to London from the Gulf Coast have been denied entry to the meeting. And a handful of people have been kicked out of the meeting. They tried to get on the stage during a discussion about BP's involvement in Canada's tar sands projects. One of the protesters was physically carried out.Some people who had travelled to London from the Gulf Coast have been denied entry to the meeting. And a handful of people have been kicked out of the meeting. They tried to get on the stage during a discussion about BP's involvement in Canada's tar sands projects. One of the protesters was physically carried out.
Other people have got concerns about BP's deal with Russia's Rosneft, and the value of BP's shares. "There are very many upset people here," said a man who said he has owned shares in BP since 1954.Other people have got concerns about BP's deal with Russia's Rosneft, and the value of BP's shares. "There are very many upset people here," said a man who said he has owned shares in BP since 1954.
Outside the meeting, it was very noisy. There were dozens and dozens of protesters here, vying with each other to shout the loudest.Outside the meeting, it was very noisy. There were dozens and dozens of protesters here, vying with each other to shout the loudest.
Some of the bright, colourful banners read "global climate crime" and "BP: your party is over".Some of the bright, colourful banners read "global climate crime" and "BP: your party is over".
It caused quite a scene, with demonstrators, a brass band and police all having their say.It caused quite a scene, with demonstrators, a brass band and police all having their say.
Mr Svanberg also repeated the importance of BP's operations in Russia, where a proposed deal with Rosneft is in doubt after the UK's company's existing partners there, known as AAR, got an injunction. During his speech, BP chairman Carl-Henric Svanberg acknowledged the impact that the disaster had wrought on Gulf communities and also the energy giant itself.
On Wednesday BP and Rosneft announced an extension of the deadline for a proposed £10bn share swap by a month. Life had "not been easy" for BP during the past 12 months and the company had to "work hard to earn back trust", he said.
The planned deal has been on hold after AAR, which partners BP in their TNK-BP joint venture, claimed the Rosneft deal breached their own shareholder agreement. As a mark of respect Mr Svanberg read out the names of the 11 rig workers who died in the explosion, and repeated his promise that BP would pay to clean up the Gulf coast.
The Rosneft plan would give BP access to potential vast new energy reserves in the Russian Arctic Circle, and is a key part of BP's turnaround strategy. Before the meeting scuffles broke out when representatives of Gulf communities were refused entry, with BP saying they were judged to be a threat to other shareholders.
BP and Rosneft have now extended the deadline for the share swap to 16 May. "I've come all the way here from the Gulf Coast," said Diane Wilson, a fourth-generation fish company owner from Seadrift, Texas. "My community is gone, and they won't let me in."
Noisy, angry Inside the auditorium, BBC business reporter Rob Young said some protesters attempted to storm the stage and one was physically carried out.
Shareholders at the AGM are looking for more information about the Rosneft tie-up and BP's increasingly bitter feud with AAR. Mr Svanberg described it as a "disturbance" at the back of the hall. He admitted that some people had "strong emotions".
Richard Jeffrey, chief investment officer at Cazenove Capital Management, told the BBC before the AGM that "there will be a lot of questions for the board" about problems in Russia. "It raises issues about what's going on inside BP," he said. Troubled deal
Specifically, he said, investors would want to see if there is an alternative strategy. Many shareholders, especially BP's large institutional investors, were looking to the meeting for progress on the company's proposed £10bn share-swap deal with Rosneft.
But this is just one of several issues stirring up anger at the AGM. The planned deal has been on hold after AAR, which partners BP in their TNK-BP joint venture, claimed the Rosneft proposal breached a pre-existing shareholder agreement.
On top of shareholder ire over boardroom bonuses, some US fishermen and women, whose livelihoods were affected by the oil spill in the Gulf of Mexico in April 2010, travelled to the meeting to express their concerns. AAR has got a court injunction against the Rosneft deal, which BP chief executive Bob Dudley had hailed as a vital part of his company's growth strategy through exploration in the Arctic.
Diane Wilson, Gulf shrimper and long-time campaigner said the fishing industry was still worried about the impact of the spill, 12 months on. He told the meeting that BP and Rosneft offered to buy out the Russian partners in TNK-BP.
"Back in my community, along the Texas-Gulf coast, the brown shrimp is half of the income that you would make all year long," she told BBC News. "We have offered them participation in the Arctic. We have offered cash, we have offered participation to TNK-BP in international ventures and we have even jointly offered, with Rosneft, a fair offer for their company," Mr Dudley said.
"I think a lot of the shrimpers are concerned. One concern, is that the shrimp are contaminated," she said. "A lot of the fishing communities, especially in Louisiana, are not touching the shrimp." But he added: "We are not going to offer large amounts or significant shareholdings in BP."
She said that there is "great political urgency" in America to show that the problems are over. But more than 20 years after the massive Exxon Valdez oil spill in Alaska, there are still problems. Late on Wednesday, BP extended by a month the deadline to complete the Rosneft share-swap hours before its expiry.
"What happened with BP was much bigger. What happened was unprecedented," she said. Pay protest
Pressure growing Shareholders also put pressure on BP's board with a sizeable protest vote over the pay deals handed to the company's top executives.
The shrimpers were joined by indigenous communities angry at BP's involvement in extracting tar sands - a heavily polluting form of oil - in Canada. Mr Svanberg revealed that just over 11% of votes cast by shareholders not present at the meeting were against the remuneration report. Votes from those at the meeting had still to be counted.
There were also protesters involved in a dispute at a biofuels plant near Hull, that BP is involved in. Some 25% of shareholder votes also opposed the re-election of Sir William Castell, the senior independent director and chairman of BP's safety and governance committee.
They say they have been "locked out" of the contract to build the new plant at Saltend, near Hull, after the project fell behind schedule. Last year the vote against him was less than 1%.
Pressure from institutional shareholders is also growing on BP. It is thought that Calpers, a large US-based pension fund, and the Florida State Board of Administration, were among shareholders voting against Sir William's re-appointment.
Calpers, a large US-based pension fund, and the Florida State Board of Administration, are reportedly joining smaller US and European religious and ethical funds in voting against the reappointment of Sir William Castell, the senior non-executive director. Before the meeting Bill Seddon, chairman of the Church Investment Group and chief executive of the Central Finance Board of the Methodist Church, told the BBC that his organisation would vote against Sir William's re-election.
Sir William oversees BP's safety, ethics and environment assurance committee. "Church investors around the world are looking to give a signal to BP... This [Gulf spill] happened on his watch and somebody has to take responsibility for it."
Bill Seddon, chairman of the Church Investment group and chief executive of the Central Finance Board of the Methodist Church, said his organisation would vote against Sir William's re-appointment.
Mr Seddon told the BBC: "Church investors around the world are looking to give a signal to BP... This [Gulf spill] happened on his watch and somebody has to take responsibility for it."
Pirc, the UK investor advice service, and the Association of British Insurers have expressed concern about high pay packages for two BP executives, Iain Conn and Byron Grote.
Are you protesting at BP's first annual general meeting since the Gulf of Mexico oil spill? Send your photos and comments using the form below.Are you protesting at BP's first annual general meeting since the Gulf of Mexico oil spill? Send your photos and comments using the form below.
Send your pictures and videos to yourpics@bbc.co.uk or text them to 61124 (UK) or +44 7725 100 100 (International). If you have a large file you can upload here.Send your pictures and videos to yourpics@bbc.co.uk or text them to 61124 (UK) or +44 7725 100 100 (International). If you have a large file you can upload here.
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