BP boss Bob Dudley

 

Salutations. If you are lucky enough to get a pay raise or bonus, then… well done you. But if you receive a 20% increase in your salary due to a raise or bonus. I think we should be friends. I kid. Money does not seduce or interest me that much. Yes.

BP Chief executive Bob Dudley probably works hard. Am guessing his admin works even harder. That being said, oil giant BP is due to hold its annual general meeting for shareholders today with some major investors planning to vote against Dudley’s 20% pay rise. Shareholders will discuss whether he should receive the pay increase-despite BP’s job cuts and falling profits.  Being a shareholder means you own a share of stock in a public or private company. Which means you are entitled to certain privileges like: selling shares, voting on important related matters, even deciding what assets remain after liquidation. In brief, the shareholders will decided if Dudley has earned his keep, so to speak. Pay rise for Dudley? The pay rise would take Mr Dudley’s salary package to $19.6m (£13.8m). So, you can figure out his current salary-do the math, I certainly can’t. I don’t even own an abacus.

Goodness. That is a lot of money. It sounds like a footballer’s salary to me. Is anyone worth this amount of money? What will Dudley do if the shareholders block his pay rise? Its not like he can take them to Employment Tribunal. That would be silly, not to mention a waste of the ET’s time and resources.

A spokesman for BP said shareholders themselves had backed the pay formula. They added:“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.”

Well,  that is great for BP but come. on. That is all.

Cheers

 

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2 comments

  1. Yvonne · April 14, 2016

    Performance based remuneration, eh? Great idea, for some.

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