BP CEO receives $2.4mn in 2020 as bonuses scrapped
BP CEO Bernard Looney received only £1.735mn ($2.4mn) in renumeration in 2020, after the UK major concluded that bonuses for executive directors were "unaffordable" given the hardship created by the coronavirus pandemic.
Looney, who took on the role in February 2020 after the retirement of former head Bob Dudley, has led BP on an ambitious course towards rapidly expanding its renewables business while scaling back its oil and gas production by 40% by 2030. But the shift in strategy came in a year in which BP suffered a $5.7bn loss owing to the impact of the pandemic on oil and gas prices.
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Looney's renumeration included a £1.18mn salary and £351,000 in performance shares. He and BP chairman Helge Lund gave 20% of their salaries to charity.
In contrast, Shell CEO Ben van Beurden received €5.8mn ($6.9mn) in renumeration last year, although this was down from €10mn in 2019.