BP PLC's (LSE:BP.) chief executive could be set to receive a special bonus of up to £11.4mln on top of his £1.38mln salary after the oil and gas company posted record annual profits.
Growth in BP’s share price, up 12% since the start of 2020, means boss Bernard Looney could bag a huge payout from a three-year share award plan, according to the Guardian.
The plan was set up during the lockdowns when the demand for oil plummeted with BP even culling its workforce.
However, the group more than doubled its profits last year to £23bn after a spike in oil prices as a result of Russia’s war in Ukraine.
The Guardian suggests that BP has been consulting investors ahead of its annual report in March, with one leading shareholder saying that the payout towards the top end of the incentive would amount to “quite a blatant grab.”
A bumper bonus would also likely apply further pressure to BP, which is facing renewed calls for a tougher windfall tax to support households and businesses struggling with energy bills.