Apr 6, 2017
BP cuts chief’s pay by 40% to $11.6m
BP cut the pay of its chief executive Bob Dudley by 40 per cent last year and reduced the maximum amount he can earn in future by $3.7m, as the oil group sought to avoid another embarrassing shareholder revolt over executive remuneration. The BP chief has become a lightning rod for controversy over executive pay in the UK because his remuneration soared while BP's profits and production plummeted in the years after the group's deadly Deepwater Horizon explosion and oil spill in the Gulf of Mexico in 2010. Criticism peaked last year when he received a 20 per cent pay increase for 2015 despite BP reporting a record annual loss for that year. BP said on Thursday that Mr Dudley would have been entitled to as much as $13.8m for 2016 but the company's remuneration committee, led by Professor Dame Ann Dowling, used its "Discretion" to lower elements of his pay such as his annual bonus. Several companies, including FTSE 100 consumer goods group Reckitt Benckiser and tobacco group Imperial Brands, have already made concessions on their directors' pay to avoid a shareholder rebellion.
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