BG Group has announced that it will be drastically cutting the pay packet offered to new CEO, Helge Lund, after a wave of vehement criticism from investors, stakeholders, professional bodies and the public alike. Accordingly, Mr Lund’s package will be halved, to £4.7 million, from an original package worth around £10 million.
The about-turn comes after widespread high profile coverage of the proposed pay deal. The new arrangements mean that 62 per cent of the rewards in Mr Lund’s pay packet will be subject to performance measures. He will receive a basic salary of £1.5 million, together with long-term shares and bonus awards. Mr Lund is known as Mr Oil in Norway, and is due to take up his new role in March. He will have a challenge ahead in turning around an oil and gas giant that has suffered recent profit warnings and a long-running string of production problems.Last updated on 02:10PM - 05/12/14