BP chief executive picks up £5.65m

The chief executive of BP has been rewarded for a year of bumper profits with a £5.65m pay package – equivalent to more than £15,000 a day.

Lord Browne of Madingley picked up £3.7m in pay and bonuses for 2004 when the record cost of crude oil sent profits rocketing to £8.7bn.

He also gained from share options worth £1.9m after BP performed well against four of its biggest rivals, including Shell.

Browne, who joined BP in 1966, was awarded a 5% rise in his basic salary to £1.4m last year and picked up an annual bonus of £2.3m for meeting financial and leadership targets.

BP – the UK’s biggest quoted company – was accused of excessive profiteering by unions last month after its annual profits hit an all-time high.

Kevin Curran, general secretary of the GMB union said: “At a time when the minimum wage is set to edge over the £5 mark, this level of executive reward is cynical, unjustifiable and irresponsible.”

Comments are closed.