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BP whacks CEO Dudley's pay package by 40% after shareholder backlash

Published 04/06/2017, 08:05 AM
© Reuters.  BP whacks CEO Dudley's pay package by 40% after shareholder backlash
BP
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  • BP has cut CEO Bob Dudley's 2016 pay package by 40% to $11.6M, and unveiled plans for a new executive remuneration policy that would lower the cap on maximum earnings, it says in its latest annual report.
  • The move comes after 59% of shareholders last year voted against Dudley's 2015 $19.4M pay and benefits package that rose 20% in a year the company lost $5.2B.
  • BP (LON:BP) also outlines changes that would reduce bonuses by 25% and make it harder for top executives to make their maximum bonus.


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