Investors have rejected a GBP3.4 million pay deal for an oil exploration executive. This is one of the biggest revolts in the industry yet seen.

On Tuesday, 80% of the company's shareholders have voted down on Afren's remuneration report. This was a stunning defeat as votes passed neared unanimity.
 
According to Sarah Wilson, Manifest chief executive, this was the third largest shareholder revolt after tracking AGM in 1996.

Shareholders also disclosed discontentment with the oil firm's system of leadership. Investors' anger was driven towards the generous pay deals for Afren's CEO and Co-founder, Osman Shahenshah.

Shahenshah gets above average pays such as a hefty salary of GBP625000 with a GBP26000 benefit package. He pension pot also has GBP92000. The CEO also has a bonus of GBP1.3 million plus GBP1.3 million shares under the long-term incentive scheme of the company.

According to sources, Shahenshah will get full payment and bonuses this year.