Bob Dudley took home £9.5m in 2017
The boss of oil titan BP has had his pay slashed following a revolt over huge rewards.
Bob Dudley took home £9.5million in 2017 – 13 per cent more than 2016 but 24 per cent less than he could have made.
BP said Dudley, 62, was entitled to more due to long-term performance shares, but the pay committee used its discretion and decided not to award him the full amount.
There was a row in 2016 when Dudley was due £14million despite falling profits, job cuts and as BP continued to pay for the 2010 Deepwater Horizon oil spill which killed 11 men.
Shareholders rejected that pay packet, and his pay was cut to £8.3million
Pay committee chairman Ann Dowling, said: ‘BP performed strongly in 2017 and over the past three years, generating increasing returns.
‘In deciding executive pay for this period using our new policy… we believe we have fairly reflected BP’s performance, the experience of shareholders and the wider context.’