March 4, 2008
Dearbail Jordan
BP’s executive directors last year took home nearly £10 million in pay and bonuses after reporting a 22 per cent profit fall despite record oil prices
Lord Browne of Madingley, who resigned as BP’s chief executive at the beginning of May after lying in court, received a total £2.7 million last year. This included a £1.5 million lump sum, equal to one year’s salary, as well as £1.2 million for four months work.
The oil group’s annual report and accounts reveal that Lord Browne was awarded a package that included £531,000 in salary, a £621,000 bonus and £85,000 for a car, a driver and office administration costs.
In total past and present executive directors at BP earned £9.2 million for one of the worst years in the oil company’s history that will result in 5,000 of staff losing their jobs in an effort to cut $1.5 billion in costs.
Tony Hayward, who took over from Lord Browne last year, earned a total £2.1 million, including a bonus equal to nearly 150 per cent of his £877,000 salary for 2007.
BP’s annual report also shows it has agreed a “special retention reward” of £1.5 million each in shares to Andy Inglis and Iain Conn that will be paid out between a three and five year period.
Mr Inglis took over from Mr Hayward as head of exploration and production while Mr Conn was appointed as chief of refining and marketing, after John Manzoni stepped down last year following the fatal Texas City refinery blast which claimed 15 lives. Mr Manzoni earned a total £1.1 million, including £677,000 in salary and bonuses with the rest made up of a lump sumn payment.
BP said the rewards “recognize the importance of these individuals’ leadership in re-establishing the company’s competitive performance as well as their personal attractiveness for top jobs externally.”
However, in recognition of BP’s poor performance compared to its peers, Mr Hayward missed out on a £4.8 million bonus that would have been paid out in shares.
In a measure of total shareholder return generated by the world’s leading oil companies, BP was last behind ExxonMobil, Shell, Total and Chevron. Last month, Dr Hayward attempted to win shareholders round when he increased the dividend by 31 per cent, as he attempted to draw a line under 2007.
BP disclosed today that it will increase the compensation set aside for victims of the explosion, which also injured 160 workers, from $1.6 billion to $2.1 billion. So far, the company has settled 2,000 claims.
http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article3482681.ece
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
MORE DETAILS:
A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
