Updated March 8th, 2024 at 15:51 IST

BP reclaims $2.3 million from former CEO Bernard Looney

BP reduced over $40 million in remuneration from Looney after determining that he had knowingly provided misleading information from the board.

Reported by: Business Desk
Bernard Looney | Image:AP
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BP vs. Bernard Looney: BP has reclaimed £1.8 million ($2.3 million) from the 2023 pay package of former CEO Bernard Looney, as disclosed in the company's annual report following his dismissal on December 13. This action was taken due to Looney's failure to disclose past relationships with employees.

Despite having a remuneration of £1.175 million in 2023, previous bonuses and share awards amounting to £3 million were revoked, resulting in a negative net pay package of £1.8 million for Looney, according to BP.

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In December, BP announced that it had reduced over $40 million in remuneration from Looney after determining that he had knowingly provided misleading information to the board regarding personal relationships with colleagues.

In 2022, Looney's total remuneration amounted to £10.3 million.

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Murray Auchincloss, who previously served as BP's finance head under Looney and assumed the role of interim CEO following Looney's sudden departure in September, received a total of £8 million in 2023.

Auchincloss was appointed permanent CEO in January.

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BP's net profit for the previous year stood at $13.8 billion, representing a 50 per cent decrease compared to the year before, largely attributed to a decline in energy prices. Despite this, the company returned $12.7 billion to shareholders through dividends and share repurchases in 2023.

However, BP's shares have lagged behind those of its competitors due to investor apprehensions regarding its strategy and recent leadership changes.

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Murray Auchincloss, speaking to Reuters last month, reaffirmed BP's commitment to its strategic plan, which includes reducing oil production by 25 per cent from 2019 levels by 2030 to 2 million barrels per day, while simultaneously expanding its renewables and low-carbon businesses by the end of the decade.

(With Reuters inputs) 

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Published March 8th, 2024 at 15:51 IST