BP says CEO Auchincloss’s pay package fell to 5.4 million pounds in 2024

LONDON (Reuters) - BP (NYSE:BP)’s CEO Murray Auchincloss earned 5.4 million pounds ($6.95 million) last year, the group said in its annual report on Thursday, down from 8 million pounds in 2023.

The group said it paid no bonuses on the basis of financial performance.

BP’s profits for last year were 35% lower than the previous year’s at $8.9 billion, and it is facing pressure from activist investor Elliott Investment Management to strengthen its oil and gas business.

The company is in the process of dialling back a number of ambitious renewables and emissions-cutting targets it had set itself since 2020. It has also dropped plans to cut oil and gas output by a quarter by 2030.

Over the last five years, BP’s shares have underperformed its main European and U.S. rivals, virtually ending flat while shares in Exxon Mobil (NYSE:XOM) and Shell (LON:SHEL) have risen around 110% and 49%, respectively.

($1 = 0.7766 pounds)

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