BP´s CEO is back to getting a big bonus
After going empty-handed in 2020, CEO Bernard Looney is back to earning a 2.4m dollar bonus.

BP (NYSE: BP) Chief Executive Bernard Looney's compensation was £ 1.735 million ($ 2.4 million) in 2020 after cutting all bonuses during his first year in office due to the pandemic, the energy company said in its annual report. Looney's salary included £ 1.18 million in wages and £ 351,000 in stocks, while he and BP Chairman Helge Lund donated 20% of their salaries to mental health charities to help cover the effects of the COVID-19 pandemic consider. By comparison, BP competitor Royal Dutch Shell (LON: RDSa) CEO Ben van Beurden's entire salary package fell 42% to $ 7 million in 2020. Looney's total compensation for 2020 could have been up to £ 11 million ($ 15.24 million) under the BP Compensation Plan, more than the $ 13.23 million his predecessor Bob Dudley, who stepped down in February 2020, received in 2019 earned. But the 50-year-old Irishman's first year has been dominated by BP's response to the coronavirus crisis. BP plunged into a loss of $ 5.7 billion, the first in a decade when energy demand collapsed and it reduced the value of its oil and gas assets by nearly $ 20 billion. In addition, the dividend was halved. Looney took office with an ambitious plan aimed at rapidly expanding BP's renewable energy business while reducing oil production by 40% by 2030. This "reinvention plan" involved a major overhaul and layoff of 10,000 employees, about 15% of BP's workforce. This year, BP is introducing a share program for the first time to mobilize its 60,000+ employees and is also anticipating the resumption of bonuses. BP shares hit their lowest level since the mid-1990s late last year, a decline more than any other competitor, as a result of the collapse in oil prices and investor concerns about strategy. BP shares are up nearly 20% so far this year, driven by soaring oil prices. Total compensation for CFO Murray Auchincloss, who took office in June 2020, reached £ 408,000 ($ 565,610) last year.





