Shareholders of BP, during their annual general meeting approved $11.6 million pay package for Chief Executive Bob Dudley, after the oil and gas company cut it in response to investor pressure. Shareholders also approved a new remuneration policy that lower performance incentives.
They also adopted BP’s 2016 pay by a majority of 97.09 percent, the highest in at least 10 years, and the new pay policy by a majority of 97.32 percent.
This new policy which will apply for the next three years include lowering Dudly’s maximum long term payout to five times salary, from seven times, and cutting bonus payments by a quarter.
Dudley’s 2016 pay was some 40 percent lower than the previous year and was a result of “downward discretion” to the four components of his total pay, the company said.
But even after a cut of nearly $8 million, Dudley’s pay remains well above that of rival European oil companies.