BP slashes CEO's remuneration by 40 percent after shareholder backlash

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Reuters LONDON
Last Updated : Apr 06 2017 | 4:08 PM IST

LONDON (Reuters) - BP has trimmed Chief Executive Bob Dudley's annual remuneration package by almost $8 million to $11.6 million, it said in its annual report on Thursday, after shareholders last year voted against his pay deal.

The 40 percent cut comes after the company made a number of changes to its renumeration policy, including a 25 percent reduction in bonuses for reaching certain targets, BP said.

Last year, some 59 percent of shareholders opposed Dudley's $19.4 million pay and benefits package which rose 20 percent despite the company reporting steep losses.

Executives' remuneration has come under growing scrutiny in Britain after a string of corporate scandals, such as the collapse of store chain BHS, have fuelled mistrust of well-paid company bosses.

(Reporting by Karolin Schaps and Ron Bousso; editing by Jason Neely)

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First Published: Apr 06 2017 | 3:57 PM IST

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