BP completes claw back of €2m from former CEO Looney's pay

Former BP chief executive Bernard Looney.

BP completed a claw back of £1.8m (€2.1m) from former CEO Bernard Looney's 2023 pay package following his dismissal in December for failing to disclose past relationships with employees, the company said in its annual report.

Mr Looney's remuneration totalled £1.17m last year, but he lost bonuses and share awards totalling £3m which were cancelled, BP said. BP announced last December that it had cut over £36m in remuneration from the former CEO after the British oil giant concluded he had knowingly misled the board over personal relationships with colleagues. Mr Looney's total remuneration reached £10.3m in 2022.

Murray Auchincloss, who headed BP's finances under Mr Looney and was named interim CEO after Mr Looney's abrupt departure in September, made a total of £8m last year. Mr Auchincloss became permanent CEO in January. 

BP reported a net profit of $13.8bn (€12.6bn) last year, halving from the previous year as energy prices cooled. The company also returned to shareholders $12.7bn in dividend and share repurchases in 2023. BP's shares have however underperformed rivals amid investor concerns over its strategy and the leadership upheaval.

Mr Auchincloss said last month that BP remains committed to its strategy to reduce oil production by 25% from 2019 levels by 2030 to 2 million barrels per day while growing its renewables and low-carbon businesses by the end of the decade. 

• Reuters