Apr 6, 2017

BP slashes 2016 pay for boss Dudley

It follows a rebellion by shareholders, who last year voted against Mr Dudley's 2015 pay award. It says the resulting proposals will "Better align pay and performance" and lead to a reduced maximum payout for the chief executive. Last April almost 60% of BP shareholders voted against Mr Dudley's pay award, which was a 20% increase on the previous year, despite the company reporting record losses and cutting jobs. The vote was non-binding and Mr Dudley received the package, but BP's chairman acknowledged the unhappiness of shareholders and ordered a review, the results of which where announced on Thursday. "The proposed remuneration policy is designed to ensure a clear link between delivery of BP's strategy and pay," the company said.

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