BP to cut about $6 million from CEO's maximum annual pay

LONDON, U.K. (Reuters) — BP has agreed to cut about five million pounds ($6.24 million) from CEO Bob Dudley's maximum pay for the next three years in a bid to avoid a shareholder revolt, Sky News said on Monday, citing people briefed on the matter.

Sky News said that Dudley's maximum annual pay over the next three years will now be about 12.2 million pounds ($15.22 million) including his salary, an annual bonus of 3.3 million pounds and a long-term share incentive plan award worth up to 7.4 million pounds. The previous package was worth up to 17.4 million pounds including the matching share awards.

The report said the company had decided to reduce Dudley's maximum long-term incentive plan award from seven times his 1.48 million pounds basic salary to five times.

According to the report, Dudley's annual bonus will remain constant at a maximum of 225 percent of his salary. The framework will also apply to other top BP directors between 2017 and 2019.