BP has cut chief executive Bob Dudley's pay package by 40 percent to US$11.6 million (NZ$16.6 million), the company says, the latest British bluechip company to rein in executive pay after shareholder revolts.
The nearly US$8 million cut follows changes to the oil company's pay policy, including a 25 percent reduction in bonuses for reaching certain targets. Mr Dudley's pay still remains well above that of bosses at BP's European rivals.
Shell's Ben van Beurden was awarded an €8.2 million pay package for 2016, a 60 percent jump year on year, while Total's Patrick Pouyanne took home €3.8 million last year.
Some 59 percent of shareholders last year opposed Mr Dudley's US$19.4 million pay and benefits package, which was up 20 percent despite the company reporting steep losses.
Executive pay has come under scrutiny in Britain after a string of corporate scandals, such as the collapse of store chain BHS, which has prompted shareholders to become more active in rejecting bosses' pay deals.