The leader of the British hydrocarbon giant is taking advantage of the surge in hydrocarbon prices.
By Le Figaro with AFP
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Bernard Looney, the managing director of BP, the British hydrocarbon giant, will receive an exceptional bonus of 11.4 million pounds (12.9 million euros), in the wake of the surge in hydrocarbon prices, according to the Times. BP announced on February 7 an annual result for 2022 boosted by the increase in oil and gas prices driven in particular by the war in Ukraine.
The British company saw its profit excluding exceptional items, the indicator favored by the markets, more than double over one year to 27.7 billion dollars, a record. Contacted by AFP, BP has neither confirmed nor denied the amount of the bonus granted to Bernard Looney. “Details of our CEO’s compensation will be included in the annual report to be published in the first half of Marchsaid David Nicholas, a company spokesman. The size of the exceptional bonuses awarded to Bernard Looney and other company executives was the subject of consultations with investors, according to the Times.
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The threat of higher taxes on profits
A dispute with investors over compensation would increase political pressure on BP, which, like other energy giants, has faced calls for higher taxes on windfall profits, the paper noted.
Inflation in the United Kingdom exceeds 10%, driven in particular by energy prices. Faced with the increase in the cost of living, employees from different sectors, from railway workers to teachers and nurses, have gone on strike in recent months to demand salary increases.