BP shareholders have symbolically rejected a sharp increase in the remuneration of chief executive Bob Dudley, considered unwelcome in these lean times in the oil industry. A real humiliation for the management of the British company: nearly 60% of this giant security holders of the “black gold” were against the passage from 16.4 to 19.6 million of its total compensation in 2015.
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This review is only advisory but its negative character, a rarity in shareholder circles, is a slap to the BP management had defended to the end the merits of that increase. Calls to rethink this generous increase had multiplied in recent days, including from powerful shareholders as Aberdeen Asset Management, which taste slightly this largesse dispensed when the company tightens its belt in the face of crude prices plunge.
In 2015, abyssal loss of $ 6.5 billion
The principle of this revaluation had yet been voted by the shareholders themselves to opportunity for a binding vote, but go ahead dated from 2014, a new era for the oil industry: the barrel while trading above $ 100 but the race to production undertaken by large global players , first and foremost Saudi Arabia, did fall to around 40 dollars currently.
Started in June 2014, the fall in prices has led to a sharp decline in the price of BP share fell from 500 pence then to just over 350 today.
She also pushed and especially this oil giant multiplying the restructuring measures, such as removing 4,000 positions this year in the “upstream” (exploration, production) and 3,000 more by the end of 2017 in the “downstream” (refining and distribution). In 2015, BP suffered an abysmal net loss of $ 6.5 billion.
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