BP’s chief executive Bernard Looney is to receive a one-off bonus of £11.4 million following the surge in oil prices. This bonus was revealed in last Sunday’s edition of the Times. BP announced a record profit for the year 2022, thanks to the rise in oil and gas prices, caused in particular by the war in Ukraine. BP’s profit excluding exceptional items more than doubled in one year to $27.7 billion.
BP neither confirms nor denies the bonus given to its CEO
Questioned by AFP, BP has neither confirmed nor denied the amount of the bonus awarded to Bernard Looney. A company spokesman said details of the CEO’s compensation would be included in the annual report to be released in the first half of March.
Investors were consulted on the exceptional bonuses granted
The Times reports that the amount of the exceptional bonuses granted to Bernard Looney and other company executives were the subject of consultations with investors. A dispute with investors over compensation would put further political pressure on BP, which, like other energy giants, has faced calls for higher taxes on windfall profits.
Inflation in the UK exceeds 10%.
The UK is facing inflation of over 10%, mainly caused by energy prices. Faced with the rising cost of living, employees in various sectors, including railway workers, teachers and nurses, have gone on strike in recent months to demand wage increases.
The exceptional bonus granted to BP’s CEO is causing a lot of ink to flow. If BP does not confirm or deny the amount of this premium, it could create tension with investors and increase political pressure on the company. In addition, in a context of high inflation, employees in various sectors are asking for wage increases to cope with the rising cost of living.
