Published: Mar 5, 2010
by Tom Bergin
The chief executive of Europe's largest oil company by production, BP Plc, enjoyed a 41 percent rise in total pay in 2009, even though profits dropped 45 percent.
Tony Hayward took home 4.01 million pounds ($6.03 million) in salary, cash bonus and share awards last year, up from 2.85 million pounds in 2008.
The head of BP's remuneration committee, DeAnne Julius, said in the company's annual report that the increase was to reward Hayward for boosting operational performance.
BP reported a 4 percent rise in crude production in 2009, compared with stagnant or lower output at rivals, and the company's refineries ramped back up to full production after outages.
BP's profit collapse was due to the sharp fall in oil and gas prices compared with record levels seen in 2008.
BP says its pay plan is structured to ensure that executives are paid based on the underlying profitability of the company and to avoid managers enjoying windfalls simply because oil prices surge.
BP said it also beat the share performance of its peer group, the supermajors Royal Dutch Shell, Total, Exxon Mobil and Chevron.
Source: http://www.postchronicle.com/news/business/article_212288290.shtml?ref=rss
by Tom Bergin
The chief executive of Europe's largest oil company by production, BP Plc, enjoyed a 41 percent rise in total pay in 2009, even though profits dropped 45 percent.
Tony Hayward took home 4.01 million pounds ($6.03 million) in salary, cash bonus and share awards last year, up from 2.85 million pounds in 2008.
The head of BP's remuneration committee, DeAnne Julius, said in the company's annual report that the increase was to reward Hayward for boosting operational performance.
BP reported a 4 percent rise in crude production in 2009, compared with stagnant or lower output at rivals, and the company's refineries ramped back up to full production after outages.
BP's profit collapse was due to the sharp fall in oil and gas prices compared with record levels seen in 2008.
BP says its pay plan is structured to ensure that executives are paid based on the underlying profitability of the company and to avoid managers enjoying windfalls simply because oil prices surge.
BP said it also beat the share performance of its peer group, the supermajors Royal Dutch Shell, Total, Exxon Mobil and Chevron.
Source: http://www.postchronicle.com/news/business/article_212288290.shtml?ref=rss
Comments
Post a Comment