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Pension funds try to block BP chief's £70m
Last updated at 09:37am on 10.02.07
BP boss Lord Browne
Two pension funds are trying to block payments of more than £70million to one of Britain's most powerful businessmen.
They claim that outgoing BP chief executive Lord Browne's management of the oil giant has hit the value of their investment in the company.
The London Pensions Fund Authority and the American fund Unite have started legal action alleging his pay and benefits are "excessive and undeserved".
The action, filed in an Alaskan court, is another blow for the BP boss, who will step down this summer - 17 months earlier than planned - after a string of setbacks including a fatal disaster at a Texan oil refinery.
His bumper pay package, multimillion pound pension fund and other benefits have attracted stinging criticism.
William Lerach, the American lawyer leading the court case, said Lord Browne was "taking with him upward of God knows how many millions. We don't think he should be able to walk away with that kind of money."
BP, which this week reported falling profits, refused to comment on the development.
The legal action aims to block payments due to the BP boss, including £20million of pension benefits and £28million in long-term performance pay.
The funds want the money to be held in a trust supervised by the court while they pursue claims against Lord Browne over environmental and safety issues.
Shares in the oil giant have plummeted despite the booming stock market, falling to 538p from a high point in the last 12 months of 712p.
A spokesman for the London Pensions Fund Authority, which is the largest local government pension scheme in the capital, confirmed it was pursuing legal action against the firm.
