Oil executive rewards slammed as a 'damning indictment' of Britain's broken energy systemMarch 9, 2024 6:00 amBP’s new boss was paid more than £8m last year, before he took over the top job full-time from his ousted predecessor.
Mr Auchincloss was chief financial officer for most of 2023, but took over as interim chief executive in September when BP’s former boss. The Canadian businessman was appointed permanent chief executive of BP in January.oil group’s annual report“The extensive external search we undertook confirmed our view that a base pay of £1.45m was competitive to lead a company of BP’s size, business complexity and strategic ambition,” the firm said.
BP also clawed back some payments it had already made to Mr Looney, including half of his cash bonus in 2022. The board said that he “should not retain any variable pay relating to service following the date of the misleading assurances”. BP named Amanda Blanc, Aviva’s chief executive, as a new independent director in the wake of the departure of Mr Looney., said: “The millions paid out to BP’s CEO contrast with the millions of Brits in energy poverty, showing the sickening reality of our broken energy system. People everywhere, struggling to feed their families or heat their homes, have every right to be angry at BP’s huge profits and payouts.