BP chief executive Bob Dudley’s pay package was approved without fuss at the UK oil giant’s annual general meeting in Manchester yesterday.
Mr Dudley’s total remuneration soared by more than £1million to £9.5million last year as BP’s fortunes improved against a backdrop of higher crude prices.
More than 96% of shareholders backed the pay rise yesterday.
BP reported group pre-tax profits of £5.14billion for 2017, a vast improvement on a deficit of £1.64billion in 2016.
Revenues for the full-year came to £175billion, up from £133billion the previous year.
Speaking at the AGM, Mr Dudley said BP was “firing on all cylinders”. He said BP was executing its new projects well and “continuously improving its core business”, which is “important in a world that gets more competitive every day”.
First oil from the Clair Ridge project west of Shetland is expected last this year.
BP moved the AGM away from London, where it has been held for more than 100 years, to encourage interaction with shareholders who don’t normally attend.
More than 40% of BP’s shareholders in the UK live north of Birmingham.