BP’s Top Brass Receive Huge “Hypocritical” Pay Awards

Let’s keep those snouts in the trough.

People outraged by big oil salaries will choke on the news that despite BP’s recent financial troubles, with the company reporting a 22 per cent fall in profits, its top brass earned nearly $24 million.
Lord Browne of Madingley, the former chief executive of BP, earned more than $6 million before he resigned last year, it has emerged. Figures from the oil group’s annual report show that the disgraced peer, who stepped down on May 1 last year after admitting that he lied in court, received pay, bonuses and share options worth $6.5 million, including a $3 million lump sum.
Apart from Lord Browne, none of the directors were granted a performance-related share award for 2007. The report said: “Performance failed to meet satisfactory levels and consequently no shares will vest in the plan for 2005-07.”
Union leaders have angrily denounced the payments. Jake Molloy, general secretary of the Offshore Industry Liaison Committee, the union for offshore rig workers, said: “To make these redundancies and cutbacks and to award themselves payments of this nature is hypocrisy beyond belief. It’s sickening.”