BP boss scoops 41 per cent raise despite profits slump
Saturday 06 March 2010
BP'S chief executive, Tony Hayward, was awarded a 41 per cent pay rise in 2009 despite the company's profits coming in more than 50 per cent down on the previous year.
Mr Hayward's total package last year was worth £4.01m, compared with £2.85m in 2008, according to the oil major's annual report, which was published yesterday.
Despite the sharp drop in overall annual profits, Mr Hayward's pay was boosted by performance bonuses linked to improved operations. In response to the global economic slowdown, and sharply lower oil price, Mr Hayward cut $4bn (£2.6bn) from the group's annual costs and by the fourth quarter BP was the only oil company to be showing year-on-year profit growth.
"Nearly all targets were exceeded, some substantially, with particularly strong performances on cost reduction, exploration success, production start-ups and refining," DeAnne Julius, the chairman of BP's remuneration committee, said.
"BP shareholders recorded the highest total shareholder return of all the oil majors for the year," she added.
The annual report also reveals that Carl-Henric Svanberg, the Swedish former chief executive of Ericsson who took over as BP chairman in January, will be paid £750,000 a year, £150,000 more than his predecessor, Sir Peter Sutherland. Mr Svanberg will also receive a £100,000 relocation grant.
Other top BP executives saw less substantial pay rises. Andy Inglis, the head of production and exploration, was paid £2.7m in 2009, compared with £2.3m in 2008. Iain Conn, the head of marketing and refining, saw his pay rise from £1.9m to £2.4m. And finance director Byron Grote saw an increase to £2.9m from £2.45m.
Tourist films plane's descent just metres above packed Caribbean beach
Bali nine: Welcome to 'Execution Island' – the Indonesian holiday resort where foreigners are sent to die
How Homer Simpson discovered the Higgs boson over a decade before scientists
The 'sex selfie stick' lets you FaceTime the inside of a vagina
Harrison Ford plane crash: Star Wars actor 'seriously injured' after light aircraft crash lands
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
End of the licence fee: BBC to back radical overhaul of how it is funded
Nigel Farage promises Ukip will not 'stigmatise' would-be migrants – and says he wants 'everyone to speak the same language'
Ex-head of MI6: 'We shouldn't kid ourselves that Russia is on a path to democracy'
Most people think legal tax avoidance is just as wrong as illegal tax evasion, poll suggests
iJobs Money & Business
£8 per hour: Recruitment Genius: This Pension Specialist was established early...
£30 - 35k + Bonus & Benefits: Guru Careers: We are seeking an Executive Assist...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
Voluntary post, reasonable expenses reimbursed: Reach Volunteering: Would you ...