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BP withholds majority of 2010 bonus payments

BP withholds majority of 2010 bonus payments

March 3rd, 2011 in News

LONDON (AP) - BP PLC says it isn't paying bonuses for 2010 to company executives who had responsibility for operations in the Gulf of Mexico, including former Chief Executive Tony Hayward and former head of exploration and production Andy Inglis.

BP's annual report also revealed Thursday that new CEO Bob Dudley decided to forgo his bonus - but two other directors will receive payouts linked to their performance in separate divisions.

BP says its remuneration decisions for 2010 were dominated by the scale and impact of the Gulf spill, which began with an explosion on the Deepwater Horizon rig in April.

Head of refining Iain Conn and Chief Financial Officer Bryan Grote will receive cash bonuses of 104,000 pounds ($170,000) and $207,000 respectively after they met targets in their division.