BP PLC shareholders approved CEO Bob Dudley's 2017 payment package with a more than 96% majority at the company's annual shareholder meeting May 21.
The 2017 directors' remuneration report showed that Dudley earned approximately $13.4 million for the year, up 13% from 2016 but 31% below his earnings in 2015.
Long-term performance shares awarded three years ago under an old policy helped drive some of Dudley's 2017 payout, but the remuneration committee used its discretion and effectively applied the more demanding new policy to those shares as well. As a result, Dudley's 2017 earnings were reduced $4.2 million, or 24%, from $17.6 million to $13.4 million.
Calling 2017 "one of its best years in recent history," rising production in the wake of stronger prices continued to boost BP's profits during the first three months of this year.
Profit attributable to the company's shareholders for the first quarter surged to $2.47 billion, or 12.33 cents per share, from $1.45 billion, or 7.38 cents per share, for the same period a year ago.