BP has cut CEO Bob Dudley’s 2016 pay package by 40% to $11.6 million, becoming the latest British blue chip company to rein in executive pay after a wave of shareholder revolts. The oil company has reduced Dudley’s payout and introduced changes from this year that will lower executives’ performance incentives. The cuts come after around 60% of shareholders opposed BP’s pay policy at last year’s annual general meeting (OD Mar.7’16).
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