BP recently released its corporate financial report. They say you can tell a lot about someone based on where they spend their money. When it comes to BP, that old saying is certainly true. Last year, BP imposed a company salary freeze for its 84,000 employees while cutting another 300 jobs because of the harsh oil trading environment. However, BP’s new financial report revealed that BP CEO Bob Dudley received a 25 percent pay increase, bringing his annual compensation to $12.7 million.
While no one can fault a company for rewarding its employees with pay increases, this pay increase is especially curious considering it was based on the company’s financial and safety targets. In fact, safety records accounted for 30 percent of BP executive directors’ annual bonuses despite BP reporting a 40 percent increase in serious spills and a near 10 percent increase in the number of less serious spills. All the while, BP has not been shy in publicly complaining about the costs of its settlement with Gulf Coast residents as well as the overall economic conditions of the oil industry.
The company has used these very topics to generate sympathy from anyone that would listen. One would think the company would be in complete shambles after reading the headlines from BP’s advertising campaigns. In reality, the company is still making billions in profits, causing spills, paying its executives millions in bonuses while freezing employee pay over the same time period. At the same time, the oil giant is paying its advertising consultants, lawyers and experts millions to avoid responsibility in its settlement with Gulf Coast residents. Indeed, the manner in which the company spends its money is truly indicative of its priorities.
Source: The Guardian
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