By Christian Moess Laursen


BP clawed back a further 1.8 million pounds ($2.3 million) from ex-boss Bernard Looney's remuneration package following his dismissal in December, the company said in its annual report.

The British energy giant said Friday that Looney's remuneration for 2023 was GBP1.2 million before the cancellation of his annual bonus and share awards, which totaled GBP3.0 million, returning a further 1.8 million to the company.

In December BP docked the former CEO's pay by $40.6 million over what it called serious misconduct, saying that he failed to disclose past relationships with colleagues.

Looney continued to received salary, cash allowances in lieu of pension and benefits amounting to GBP424,000 during the period of his termination in September until his formal dismissal on Dec. 13.

BP said in December that it had determined information Looney provided going back to July 2022 was "inaccurate and incomplete." The BP lifer and Ireland native had told the company three months prior that he hadn't been fully transparent with the board, resulting in his immediate termination.

Looney also repaid half of the cash portion of his annual bonus for 2022, amounting to GBP420,000 net of tax, given the board's decision that he shouldn't retain pay after July 2022, BP said. For 2022, Looney received GBP10.3 million the report said.

Current Chief Executive Murray Auchincloss received GBP8.0 million in remuneration for 2023, including an annual bonus of GBP1.8 million, share awards of GBP4.65 million and base pay of GBP1.45 million.


Write to Christian Moess Laursen at christian.moess@wsj.com


(END) Dow Jones Newswires

03-08-24 0657ET