BP reduced the salaries of the CEO after a year of meanings. The British Oil Company lost profit goals and gave up the green investment strategy because it was under pressure from an active investor based in the United States.
The Murray Auchincloss salary fell 30 % to 5.4 million pounds for 2024, according to the company’s annual report, which was published on Thursday.
While his basic salary increased from one million pounds to 1.45 million pounds, failure to reach goals in categories such as profit, cash flow and safety means that the changing element of his salaries decreased from 3.4 million pounds to less than a million pounds.
Auchincloss It has announced “basic reset” From the BP strategy last month after it was reported about the faded financial performance in 2024, An annual profit of $ 8.9 billion (7.9 billion pounds), a decrease from about 14 billion dollars in 2023.
On the eve of the profit announcement It appeared that the active investor Eliott Investment Management has built a share He was pushing the company to fix its strategy.
Auchincloss has confirmed plans since then Reducing more than 4 billion pounds of low -carbon investment plansSaying that optimism about the frequency of green transition was “in its place.”
Gas to abandon the green investment goals will also affect how to calculate the executive rewards in BP this year, according to the annual report.
In 2024, 10 % of the executive wages were linked to profits of the company’s “transition” growth plans, 80 % of which were made up of low carbon projects.
The company said: “It reflects the concentration of our strategy.
Instead, a portion of the reward associated with free cash flow and operational reliability will increase.
This will not make a difference in 2024 because BP failed to reach goals in any of these three groups.
However, improving financial performance next year will lead to a higher reward, without the need to achieve transitional goals, although 15 % of the changing executive wages will remain linked to a reduction in carbon emissions.
Despite the fall of Auchincloss’s total wage, activists at Global Witness, which is achieved in environmental and human rights violations, said that the salaries of the BP president worth 5.4 million pounds “obscene” and indicated that the United Kingdom’s salary is 143 times.
“While families worry about their energy bills amid a high cost of the living crisis, the BP president lines his pockets with the salary of fatty cats,” said Alice Harrison’s campaign head, head of the fossil party, which is the Alice Harrison campaign.
“People are all right to be angry. It is outrageous for oil companies that attract the climate to obtain the market for billions of profit, then hand over millions to their executives on the back of our misery.”
Auchincloss colleague, CEO of Auchincloss, Rolls Royce Boss, Tuffan Erginbilgiç, also began to reduce wages last year.
The annual report of the Rolls-Royce shows that its total bonus decreased to 4.11 million pounds in 2024, a decrease from 13.6 million pounds in 2023. The decline was due to Erginbiligi, which was delivered 7.5 million pounds from the shares when he joined Rolls-Royce in 2023, as compensation for discrimination in his former employee.
