Mar 29, 2019

BP chief Bob Dudley paid $14.7m in 2018

BP chief executive Bob Dudley was paid $14.7m in 2018, a level that would have been $2.7m higher had the energy major's board not again used its "Discretion" to limit awards amid persistent shareholder concerns over high pay. This adjustment reduced the chief executive's 2018 incentive pay by around $1.5m and further $1.1m was taken off after a voluntary decision by Mr Dudley to accept a reduced share payout under a long-term incentive plan. "Despite the strong business results for the year, we assessed 2018 performance as below plan," said Paula Rosput Reynolds, chair of the remuneration committee. In recent years BP became a lightening rod for controversy in the UK as Mr Dudley's remuneration soared even as BP's profits and production slid after the Gulf of Mexico tragedy. Three years ago nearly 60 per cent of shareholder proxy votes were cast against his pay package in one of the biggest investor rebellions against high executive pay.

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