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BP CEO Bob Dudley. Image courtesy of BP/Youtube.

BP shareholders rejected a compensation plan on Thursday that calls for CEO Bob Dudley to see his pay jump by 20 percent.

About 59 percent of the company’s shareholders voted against the remuneration report in a non-binding vote at the company’s annual general meeting.

“We were disappointed that the advisory vote for this year’s remuneration report was not carried. We have already spoken to a number of shareholders and have a continuing dialogue. They are seeking changes to our remuneration policy for the future. We will continue that engagement and will bring a revised policy to our next AGM in 2017,” BP chairman Carl-Henric Svanberg said.

According to the Wall Street Journal, Dudley was awarded a $1.4 million bonus in 2014 while his salary held steady at about $1.9 million.

Dudley’s retirement savings doubled to $6.5 million year-over-year in 2015, the paper added.

BP has six performance measures tied to Dudley’s bonus, with the bonus being pensionable, along with five performance measured tied to long-term incentives, according to the UK Individual Shareholders Society (ShareSoc).

The compensation plan drew criticism ahead of the meeting as some advisers expressed concern about increasing Dudley’s pay despite BP reporting a $6.48 billion annual loss attributable to shareholders in 2015.

Earlier this month, ShareSoc advised its members to vote against the remuneration report, calling the company’s pay structure overly complicated.

BP has six performance measures tied to Dudley’s bonus, with the bonus being pensionable, along with five performance measured tied to long-term incentives.

ShareSoc spokesman Cliff Weight said the company’s pay structure “makes it very difficult for shareholders to judge how easy or difficult the targets are” to meet.