At Premier Oil's shareholder meeting, 9pc of investors voted against its remuneration report after ShareSoc, which represents private investors in the UK, backed a no vote.
Mark Bentley, a director of ShareSoc, questioned Premier's "incredible" level of pay awards at the shareholder meeting.
"I am concerned to observe that total pay for the five executive directors in 2011 was an extraordinary £13.2m, with the chief executive receiving a package worth 183 times the median UK salary," Mr Bentley said.
"Considering that the share price fell in 2011 and that average production came in below guidance, please could you explain how such incredible rewards are justified?" he added.
Premier shares fell almost 30pc last year.
Earlier this week, investors in Cairn Energy sent the clearest message yet to a major company's board, with 67pc of shareholders voting against the group's remuneration report.
Last year, Sir Bill Gammell, Cairn's chairman, was granted a controversial £1.4m "loss of office" payout after he stepped down as chief executive.
More than 10pc of shareholders also voted against Sir Bill's re-election as chairman of the oil explorer.
Filed Under: Mark Bentley,