BP CLAWED back £1.8 million (S$3.1 million) from former CEO Bernard Looney’s 2023 pay package following his dismissal on Dec 13 for failing to disclose past relationships with employees, the company said in its annual report.

Looney’s remuneration totalled £1.175 million last year, but he lost bonuses and share awards totalling £3 million which were cancelled, BP said.

BP announced last December that it had cut over US$40 million in remuneration from the former CEO after the British oil giant concluded he had knowingly misled the board over personal relationships with colleagues.

Looney’s total remuneration reached £10.3 million in 2022.

Murray Auchincloss, who headed BP’s finances under Looney and was named interim CEO after Looney’s abrupt departure in September, made a total of £8 million last year.

Auchincloss became permanent CEO in January.

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BP reported a net profit of US$13.8 billion last year, halving from the previous year as energy prices cooled. The company also returned to shareholders US$12.7 billion in dividend and share repurchases in 2023.

BP’s shares have however underperformed rivals amid investor concerns over its strategy and the leadership upheaval.

Auchincloss told Reuters last month that BP remains committed to its strategy to reduce oil production by 25 per cent from 2019 levels by 2030 to two million barrels per day while growing its renewables and low-carbon businesses by the end of the decade. REUTERS