Thursday, 29 March 2018

BP boss Bob Dudley takes £3m hit, but pay package rises 13% to £9.5m

It has emerged that BP boss Bob Dudley gave up some pay rewards as part of a reduction to his package last year - though the total still rose 13% to £9.5m.
The FTSE 100 oil firm's annual report showed the total would have been £12.5m but for £3m in deductions - with a decision by Mr Dudley himself accounting for £570,000 of the adjustment.
BP said members of the remuneration committee exercised discretionary powers to apply pay rules agreed last year to trim existing long-term performance share rewards.

The company had been forced to change its pay policy amid criticism from investors, who had angrily rejected BP's remuneration report in a non-binding vote in 2016.

Mr Dudley's pay was made up of a static salary of £1.3m, an annual bonus of £1.1m and the rest in performance shares.

BP said his rewards still reflected "one of our best years in recent history" as oil prices recovered ground.

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