AAR Directors reject BP's $1B dividend proposal

As reported by TNK-BP, BP directors made this proposal at the board meeting on July 20.

Stan Polovets, CEO of AAR, said: "At a time of continuing market uncertainty and while corporate governance at TNK-BP remains strained, we believe that a cautious stance by shareholders is called for. A payment now of an additional dividend is not prudent."

TNK-BP contributed over 90% of BP's dividends last year (i.e.: $3.75 billion out of $4.1 billion). TNK-BP has not paid any dividends this year attributable to 2012 income.