News: BP Chief Executive Bob Dudley faces protests over his pay package

Compensation & Benefits

BP Chief Executive Bob Dudley faces protests over his pay package

Shareholders of BP have criticized the company’s lavish executive pay. The shareholder advisory group PIRC criticized BP Chief Executive Bob Dudley’s rich package of salary, bonus and shares. It also urged shareholders to vote against the remuneration report, arguing that the CEOs reward was hard to justify because the performance measures were unclear. With specific reference to Chief Executive Bob Dudley’s $6.8 million pay package, a preliminary count showed that 12 percent had voted against the remuneration report, compared to 11.6 percent last year. However, BP’s Chairman Carl Henric Svanberg defended the award stating that BP was a global company and it needed to compete in a global market for talent.

Shareholders of BP have criticized the company’s lavish executive pay. The shareholder advisory group PIRC criticized BP Chief Executive Bob Dudley’s rich package of salary, bonus and shares. It also urged shareholders to vote against the remuneration report, arguing that the CEOs reward was hard to justify because the performance measures were unclear. With specific reference to Chief Executive Bob Dudley’s $6.8 million pay package, a preliminary count showed that 12 percent had voted against the remuneration report, compared to 11.6 percent last year. However, BP’s Chairman Carl Henric Svanberg defended the award stating that BP was a global company and it needed to compete in a global market for talent.

Source: The Washington Post

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Topics: Compensation & Benefits, #Updates, #TotalRewards

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