BP boss Bob Dudley’s pay fell by a fifth last year because of performance measures set over a three-year period that began in 2010 – the year of the Gulf of Mexico oil spill.
BP’s 2012 annual report shows a zero in the column for performance shares where chief executive Mr Dudley earned around £523,000 in 2011.
The performance measure, applied by BP’s own auditors, is based on oil and gas production growth, profitability in the refining, marketing and chemicals division, and underlying net income growth over the past three years, all measured against its peers.
Mr Dudley’s total pay, including salary, bonus, and shares, fell 21% to £1.77million, even although his salary and bonus both increased.