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

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

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

Last year, some 59 percent of shareholders opposed Mr Dudley's US$19.4 million pay and benefits package which rose 20 per cent 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.

REUTERS