BLOOMBERG.COM
BP Plc plans to cut Chief Executive Officer Bob Dudley’s maximum pay by as much as $3.7 million over the next three years as the oil producer tries to avoid a repeat of last year’s shareholder revolt. Dudley will earn a maximum of five times his basic salary as part of the long-term incentive plan compared with seven times under the previous remuneration policy, London-based BP said Thursday. This would cut his maximum pay, excluding pensions, to $15.3 million from $19 million. His total pay in 2016 dropped 40 percent compared with the previous year, according to BP’s annual report. A majority of BP shareholders last year voted against Dudley’s 20 percent pay increase after the company reported a record net loss in 2015 and announced thousands of job cuts following the slump in oil prices. The revolt sparked investor discontent about compensation at other European companies. BP, which had pledged to change the way it pays executives, will ask investors to approve the new policy next month.
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BP Plc plans to cut Chief Executive Officer Bob Dudley’s maximum pay by as much as $3.7 million over the next three years as the oil producer tries to avoid a repeat of last year’s shareholder revolt. Dudley will earn a maximum of five times his basic salary as part of the long-term incentive plan compared with seven times under the previous remuneration policy, London-based BP said Thursday. This would cut his maximum pay, excluding pensions, to $15.3 million from $19 million. His total pay in 2016 dropped 40 percent compared with the previous year, according to BP’s annual report. A majority of BP shareholders last year voted against Dudley’s 20 percent pay increase after the company reported a record net loss in 2015 and announced thousands of job cuts following the slump in oil prices. The revolt sparked investor discontent about compensation at other European companies. BP, which had pledged to change the way it pays executives, will ask investors to approve the new policy next month.
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