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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

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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

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

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

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan
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