BP (BP.L) has cut Chief Executive Bob Dudley's 2016 pay package by 40 percent to $11.6 million, the latest British bluechip company to rein in executive pay after a wave of shareholder revolts.
The oil company has reduced Dudley's payout and introduced changes from this year that will lower executives' performance incentives. The cuts come after around 60 percent of shareholders opposed BP's pay policy at last year's annual general meeting.
Executive pay has come under growing scrutiny in Britain after a string of corporate scandals, such as the collapse of store chain BHS, which has fueled mistrust of the high levels of pay awarded to company bosses.
| LONDON
