• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 5 hours Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 15 mins The Inconvenient Truth Of Electric Cars
  • 4 hours Iran downs US drone. No military response . . Just Completely Destroy their Economy. Can Senator Kerry be tried for aiding enemy ?
  • 3 hours Oil Demand Needs to Halve: Equinor
  • 8 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 5 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 2 hours Solar Panels at 26 cents per watt
  • 3 mins The Plastics Problem
  • 9 hours NATO Article 5: Attack on one member is attack on all. Members all must come to defense . . . NOT facilitate financial transactions to circumvent and foil US Sanctions. Somebody please tell Angela.
  • 7 hours Is $60/Bbl WTI still considered a break even for Shale Oil
  • 8 hours Wonders of Shale - Gas, bringing investments and jobs to the US
  • 4 hours Hydrogen FTW... Some Day
  • 3 hours Section 232 Uranium
  • 1 hour Huge UK Gas Discovery
  • 59 mins Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Trending Discussions

BP Shareholders Revolt Over CEO’s Salary

BP is facing a revolt from its shareholders over the salary of its CEO Bob Dudley.

Dudley’s salary jumped 20 percent in 2015 to $19.6 million, the same year in which BP reported a record loss of $6.4 billion and laid off more than 5,000 workers. His rising salary has been met with opposition from shareholders because it is not only unseemly, but also because the raise is not connected to the company’s negative performance. "We consider the pay of the CEO to be simply too high, and particularly so in a year when the company suffered a record loss of $6.4 billion in 2015. Even so his pay went up by 20 percent," wrote shareholder advisory group ShareSoc, pressings its members to vote against the company’s proposed salaries. Related: How The Oil Crisis Has Impacted Military Spending

Last week, other shareholder groups voiced their opposition to Dudley’s salary. “This proposed increase is both unreasonable and insensitive. In a year in which BP has reported its worst ever annual loss, it has decided to sharply boost Mr Dudley’s remuneration,” Ashley Hamilton Claxton of Royal London Asset Management said. “We will be voting against this proposal. While we acknowledge BP has had to weather a turbulent period for oil markets, we strongly believe that executive remuneration should remain tied to performance.” Other groups, such as Institutional Shareholder Services and Glass Lewis, agree. Related: Crude Charging Higher Ahead Of Big Week

BP has a set of metrics that help inform its executive salaries, and the board says the pay is justified. "BP's performance surpassed the board's expectations on almost all of the measures that determine remuneration - and the outcome reflects this," a BP spokesman told Reuters last Friday.

In addition to the salary, BP and other top executives receive a pension, with the company paying around 35 percent of their salaries, another area of concern for shareholder groups.

BP has been hard hit by the downturn in oil prices and the costs stemming from the catastrophic oil spill in 2010 in the Gulf of Mexico.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • alfa on April 11 2016 said:
    Bob's his uncle.
    Oh, wait, Bob's his name.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News