BP shareholders revolt over chief executive Bob Dudley’s £14m a year pay packet

Shareholders cry foul over Dudley’s £53,000 a day pay packet

Bob Dudley is the chief executive of BP - one of the world’s largest oil companies. This job apparently entitles him to a pay package worth £14m a year.

That is a staggering amount of money.

Monthly this works out as £1.16m, and each week this is £269,000.

Daily: £53,846.15

Hourly: £6,730.77

For such remuneration you’d think Dudley was engineering world peace, or perhaps solving global climate change. But in reality he is the boss of an oil company.

Bob Dudley, CEO, BP

Bob Dudley, CEO, BP

Are there any jobs in the world that could possibly be worth £14m? What is Dudley doing with each hour of his life that can warrant £6,730? Can you ever be a human that works and performs to such a high standard that you are worthy of a pay packet so much larger than even society’s most elite earners?

Dudley’s pay is the result of a recent 20% pay rise, and comes in a year in which BP made a record loss.

Yes, his pay went up by 20% to £14m a year, the same year the company made a £3.6bn loss and cut thousands of jobs. Well done Bob.

Today, shareholders in BP meet for their annual meeting, and many are saying they will vote against Dudley’s pay increase.

 But it’s too little too late. The process by which Dudley’s pay rise was calculated was passed by 96% of BP’s shareholders in 2014.

A BP spokesman said: “Despite the very challenging environment, BP’s safety and operating performance was excellent throughout 2015.

“BP’s performance surpassed the board’s expectations on almost all of the measures that determine remuneration - and the outcome therefore reflects this.

“And these clear measures derive directly from BP’s remuneration policy which was approved by shareholders at the 2014 AGM with over 96% of the vote.”

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