by Rakteem Katakey:2 March 2017
The pay of bosses at Europe’s biggest oil companies is back in focus as shareholders prepare to scrutinize BP Plc’s new policy after rejecting Chief Executive Officer Bob Dudley’s remuneration last year.
Allianz Global Investors, among the top 25 holders of BP and Royal Dutch Shell Plc shares, wants the companies to base top executives’ pay and bonuses on per-share metrics rather than absolute numbers for cash flow and profit, said Rohan Murphy, an analyst at the investment firm. This will help align the management with shareholders’ interests and ensure profitability becomes more important, he said.