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Posts on ‘March 5th, 2008’

Daily Telegraph: BP bosses miss out on £10.7m bonuses

Last Updated: 1:30am GMT 05/03/2008
By Russell Hotten

BP’s top executives have missed out on share bonuses worth a potential £10.7m after the company’s dreadful performance in 2007.

Chief executive Tony Hayward failed to qualify for up to £2.3m in share options after a troubled year in which his predecessor Lord Browne resigned and BP suffered operational problems.

According to BP’s annual report: “Performance failed to meet satisfactory levels and consequently no shares will vest in the plan for 2005-07.” read more

The Times Online: BP chiefs share £10m despite profits plunge

March 4, 2008
Dearbail Jordan

BP’s executive directors last year took home nearly £10 million in pay and bonuses after reporting a 22 per cent profit fall despite record oil prices

Lord Browne of Madingley, who resigned as BP’s chief executive at the beginning of May after lying in court, received a total £2.7 million last year. This included a £1.5 million lump sum, equal to one year’s salary, as well as £1.2 million for four months work.

The oil group’s annual report and accounts reveal that Lord Browne was awarded a package that included £531,000 in salary, a £621,000 bonus and £85,000 for a car, a driver and office administration costs. read more

The Guardian: Big energy firms play it dirty

Julia Finch
Wednesday March 5 2008

Their audacity knows no bounds. The power companies are threatening to scale down their investments in green power projects if the government introduces a windfall tax on their high earnings. Obviously, they are not putting it that bluntly – choosing instead to demand a “stable, predictable investment climate” to deliver green funding – but the message is clear.

The two companies to fire off these warnings yesterday were British Gas and Drax. At least British Gas has a few wind turbines but Drax’s sole asset – a coal-fired power station – has rewarded its shareholders handsomely while feeding more carbon into the atmosphere than any other single plant in the country. read more

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