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BP shareholders revolted against a nearly $20 million pay package for a CEO who’s laid off around 12,000 workers after leading the company to a record $6.4 billion loss last year.

More than 59 percent of shareholders voted against the $19.6 million pay package for CEO Bob Dudley, a $3.3 million increase over 2014, in an advisory, non-binding vote. Shareholders at BP’s annual meeting normally rubber stamp the CEO’s compensation, but this year only 41 percent of shareholders voted in favor after an activist shareholder group protested.

The 20 percent raise came under fire as rewarding failure since BP shares dropped 24 percent last year after the price of crude oil crashed. The London-based energy giant, which employs around 1,850 workers at the BP Whiting Refinery, is rumored to be looking at a dividend cut.

Bloomberg reported BP Chairman Carl-Henric Svanberg said at the meeting last week the company heard shareholders’ objections, would revise its remuneration policy, and bring a new proposal for CEO compensation to the annual meeting next year.

Dudley laid off 5,000 BP workers worldwide last year, and announced another 7,000 layoffs this year after crude oil prices failed to rebound.