IBT: Anger at boardroom excesses in Britain hit breaking point after BP shareholders resoundingly rejected a £14m ($19.8m, €17.5m) pay deal for chief executive Bob Dudley.
Nearly 60% of shareholders voted against Dudley’s 20% pay increase in a rebellion that was surpassed only by the 2009 Royal Bank of Scotland (RBS) mutiny when 80% rejected Fred Goodwin’s pay deal.
Investors said the huge increase in pay could not be justified in a year where the company racked up its biggest annual loss of £3.6bn amid a collapse in oil price and slashed 5,000 jobs. Although the vote is non-binding, the company took notice of investor sentiment with chairman Carl-Henric Svanberg promising to review future pay terms. more here
Too many of these guys end up running the company into the ground. On the way down they pop their golden parachute and float away, safe and sound.
“Although the vote is non-binding …”
Then what’s the fuckin point?
He (and all other execs) should be paid in dividends – nothing else. Rise and fall with the company.
izlamo delenda est …
The corporate system works very well and is all voluntary.
So what they do is their business.
The average CEO makes about $160,000.
We would do well to focus on getting congress and the president down to that level as their money is taken at gunpoint.
Well at least someone other than government cetins are setting the pay for a private company!
Did anyone else see this guy’s name in the headline as “Bo Diddley?”