BP paid out $1.1 million worth of shares on Feb. 15 to former chief executive Tony Hayward under a three-year incentive plan, even though Hayward resigned in the wake of the massive Gulf of Mexico oil spill in 2010.
Hayward also earned $194,973 in fees in 2011 as a director of BP’s TNK-BP joint venture in Russia, according to the company’s annual report released Tuesday. The company’s stock price is down more than 20 percent since the spill.
The London-based oil giant gave current chief executive Bob Dudley a raise, though his $6.8 million pay package of salary, annual bonus awards, and stock grants and options remains smaller than those given to most of his counterparts at big oil companies such as Exxon Mobil or Chevron.
In a couple of years, however, he could catch up. On March 9, 2011, Dudley received a stock award under the Executive Directors Incentive Plan that, at today’s stock price, would be worth about $10 million when vested in February 2014.