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BP shareholders may today vote to reject a golden handshake worth up to an estimated £72 million for the oil giant's departing chief executive, Lord Browne.

In what will be his last annual general meeting as head of the company Lord Browne is expected to face a revolt from a number of investors over his proposed retirement package, which forms part of a wider report on executive pay at BP.

Labour leadership contender Michael Meacher has joined those who are urging shareholders to reject BP's remuneration report, which proposes that Lord Browne should be included in a three-year incentive scheme despite the fact that he will be in retirement for most of its duration.

According to reports, Lord Browne could receive shares worth up to £11 million by the time the scheme finishes in 2009 if BP meets performance criteria linked to the incentive.

The BP boss, who is set to stand down in July after 40 years with the company, is already set to receive a pension worth £21.7 million.

Shareholders have been urged to vote against BP's remuneration report by the Pensions Investment Research Consultancy, with the pension pressure group having expressed "significant concerns" over Lord Browne's inclusion in the incentive scheme for the oil company's executives.

Speaking ahead of BP's AGM today, former environment secretary Mr Meacher also urged investors to reject the "grotesque pay-off."

"The remuneration committees that decide on chief executive pay should include representatives from the shop floor, to inject a sense of reality," said the Labour MP.

In a foreword to BP's report on executive pay, the chair of the company's remuneration committee writes that the proposed packages match reward to performance "in a way that both reflects shareholders' interests and provides fair and competitive compensation to the executives".