BP slashes CEO pay by 40%

BP has cut its CEO’s pay by 40%. Bob Dudley’s salary in 2016 was reportedly worth $11.6 million (£9.3m), down from $19.4 million (£15.54m) in 2015. In February 2015, BP reported […]

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By Jonny Bairstow

BP has cut its CEO’s pay by 40%.

Bob Dudley’s salary in 2016 was reportedly worth $11.6 million (£9.3m), down from $19.4 million (£15.54m) in 2015.

In February 2015, BP reported record financial losses and announced 3,000 job cuts – despite this, Mr Dudley was paid 20% more than in 2014.

That sparked dissent from shareholders and at last April’s annual general meeting, almost 60% of them voted against the pay package.

The rebellion prompted BP to review its pay policy. It says the resulting proposals will “better align pay and performance” and lead to a reduced maximum payout for the CEO.

The average annual salary for full-time workers in the UK stands just above $35,200 (£28,200).

Reports suggest Mr Dudley can make that amount of money in just nine hours, based on his new compensation levels.