BP Gave Two Execs Bonuses Last Year

New CEO Bob Dudley renounced his bonus

Despite the devastating Gulf of Mexico spill, BP awarded two senior executives bonuses last year. However new chief executive Bob Dudley renounced his reward, the company said in its annual report.

Chief financial director Byron Grote received a £380,000 ($620,000) bonus while Iain Conn, head of downstream activities, picked up a payment of £310,500.

The bonuses amounted to 30% of the full potential payouts.

Other senior executives however will not receive bonuses after the Deepwater Horizon disaster which cost former chief executive Tony Hayward his job.

The annual report said Dudley denied himself a bonus, although he is still potentially eligible for up to 581,084 shares, currently worth £2.8 million.

The explosion on the BP-leased Deepwater Horizon rig in April 2010 killed 11 workers and sent millions of barrels of oil flowing into the Gulf over a three-month period, wreaking havoc on the region's environment and economy.

Copyright Agence France-Presse, 2011

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish