BP slashes CEO's remuneration by 40 percent after shareholder backlash

LONDON: BP has trimmed Chief Executive Bob Dudley`s annual remuneration package by almost $8 million to $11.6 million, it said in its annual report on Thursday, after shareholders last year voted against his pay deal.

The 40 percent cut comes after the company made a number of changes to its renumeration policy, including a 25 percent reduction in bonuses for reaching certain targets, BP said.

Last year, some 59 percent of shareholders opposed Dudley`s $19.4 million pay and benefits package which rose 20 percent despite the company reporting steep losses.

Executives` remuneration has come under growing scrutiny in Britain after a string of corporate scandals, such as the collapse of store chain BHS, have fuelled mistrust of well-paid company bosses.