BP whacks CEO Dudley's pay package by 40% after shareholder backlash

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

BP has cut CEO Bob Dudley's 2016 pay package by 40% to $11.6M, and unveiled plans for a new executive remuneration policy that would lower the cap on maximum earnings, it says in its latest annual report.

The move comes after 59% of shareholders last year voted against Dudley's 2015 $19.4M pay and benefits package that rose 20% in a year the company lost $5.2B.

BP also outlines changes that would reduce bonuses by 25% and make it harder for top executives to make their maximum bonus.