London — BP plans to cut CEO Bob Dudley’s maximum pay by as much as $3.7m over the next three years as the oil producer tries to avoid a repeat of 2016’s shareholder revolt. Dudley will earn a maximum of five times his basic salary as part of the long-term incentive plan compared with seven times under the previous remuneration policy, BP said on Thursday. This would cut his maximum pay, excluding pensions, to $15.3m, from $19m. His total pay in 2016 fell 40% compared with the previous year, according to BP’s annual report. A majority of BP shareholders in 2016 voted against Dudley’s 20% pay increase after the company reported a record net loss in 2015 and announced thousands of job cuts following the slump in oil prices. The revolt sparked investor discontent about compensation at other European companies. BP, which had pledged to change the way it pays executives, will ask investors to approve the new policy in May. "Last year’s remuneration vote was a clear message about how we m...
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