BP chief executive Bob Dudley saw his total remuneration increase by 25 per cent last year although the company's profits fell, writes Mark Williamson.
The annual report for the oil and gas giant shows the American executive received total remuneration of $12.7m (£8.3m) in 2014, compared with $10.2m in the preceding year. Underlying profits fell to $12.1bn from $13.4bn in 2013 amid falling oil prices and production. Mr Dudley's base salary increased by 3 per cent annually to $1.8m. BP, which recently announced plans to shed 300 jobs in Aberdeen, said the rise was in line with the average increase for employees in the UK and US. Mr Dudley's annual bonus fell to $1m from $2.3m after Mr Dudley elected to defer $1m of the award. The remuneration committee decided BP's overall performance in 2014 exceeded the target based on measures including cash generated by the firm and cost savings achieved. Mr Dudley received deferred bonuses and performance share awards worth $9.79m compared with $5.96m in 2013. BP, which suffered a disastrous spill in the Gulf of Mexico in 2010, noted the company had to meet safety and environmental sustainability criteria between 2012 and 2014 for the bonuses to vest. Regarding the share awards, the remuneration committee recognised the need for BP to make further progress towards restoring trust following the 2010 leak.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereComments are closed on this article