Sky News: BP cuts CEO Dudley’s maximum payout to avert investor revolt

|About: BP p.l.c. (BP)|By:, SA News Editor

BP (BP -0.7%) has agreed to cut millions of pounds from CEO Bob Dudley's maximum pay deal for the next three years to avert a fresh shareholder revolt, Sky News reports.

Insiders briefed on the terms of the deal that will be awarded to Dudley say BP has decided to reduce his maximum long-term incentive plan award from 7x his $1.85M (£1.48M) basic salary to 5x, according to the report.

Dudley would receive half his maximum annual bonus entitlement, or ~£1.66M, or 112.5% of his base salary - if the company achieves on-target levels of performance; previously, he could earn 150% of his salary in short-term bonuses for meeting those targets.