"The formulation in the discussion they (BP) have had, and the motion (...) is of "downward discretion", which I think is more in line with what we are thinking about on this issue," Yngve Slyngstad said in an interview on the sidelines of a news conference.

The CEO of the fund, which is BP's fifth-largest investor with a 1.83 percent stake, declined to say how the fund would vote at BP's upcoming annual general meeting. It voted in favour of Dudley's pay package last year.

(Editing by Terje Solsvik)

By Gwladys Fouche