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BP Stock Lower on Possible Dividend Reduction, Rejection of Pay Policy

NEW YORK (TheStreet) -- BP (BP - Get Report) stock is falling 1.53% to $30.90 in early-afternoon trading on Thursday after a majority of shareholders voted against its executive pay policy and the company warned that it might need to cut its dividend.

Preliminary results indicate that 59% of investors who voted by proxy have rejected BP's executive compensation policy for 2015, the Wall Street Journal reports.

The payment decisions included a contentious 20% hike to CEO Bob Dudley's total annual pay during a year when the company lost $5.2 billion. The vote is nonbinding, and BP doesn't...