Viewing 29 posts - 41 through 69 (of 69 total)
  • 20% pay rise for BP boss, £14 million! I thought oil and gas were struggling?
  • STATO
    Free Member

    I cannot see how any intelligent, fair minded individual can defend these salaries.

    Capitalism. Everyone wants to succeed and to succeed in many cases requires your company being better than the others or risk collapse. A cleaner in BP might be disgusted at his ‘boss’ getting $14m but if that was the best way to ensure his cleaning job remained secure and it cost him nothing (as new profits would dwarf it), I think he might think again.

    Ive met a few very clever senior staff in O&G industry and its clear they are worth the money being paid (ive not met any millionaire level though) for what they are driving and steering the companies to achieve. I still dont think it appropriate to by paying multiple millions though, but its a world wide problem and its never going to go away as long as one company can get an edge over another.

    binners
    Full Member

    Salary/compensation is low compared to the US

    Maybe the CEO’s of the British Equivalents of Apple, Amazon, Google and Facebook – their names escape me at the moment – should head over there where their genius and business acumen will be properly appreciated?

    n0b0dy0ftheg0at
    Free Member

    Bring on the Star Trek moneyless society! 😆

    Northwind
    Full Member

    jambalaya – Member

    Salary/compensation is low compared to the US

    But that’d mean they’d all have already fled the country! That’s what people do when they could make better money or pay less tax elsewhere, right?

    wobbliscott
    Free Member

    People do leave the country. They also come into this country in certain sectors for the same reasons – how do you think we attract all of our super talented bankers?

    It’s like footballers pay – completely rediculous, but then again the numbers your talking in the oil and gas industry are a whole number of levels higher, so proportionally to the size of the business it’s not completely out of kilter. The CEO costs millions, but the impact of his or her decisions is in the billions.

    Also at that level the CEO’s themselves are taking a big risk – They’re only one decision away from the sack, and if they perform badly and their reputation suffers then their chances of getting another CEO role diminishes.

    Having said that the numbers are hard to justify on a moral level – the by the same token it has been proven undeniably that on the working levels where most of us mere mortals operate, pay is a very poor incentive for productivity. The notion that you pay people more and you’ll get more out of them is actually false. So there is little incentive for businesses to increase pay other than to stay in touch with competitive salary levels to retain staff. Companies that have reputations for treating their staff well and motivating their staff do it via other means than just renumeration. Ultimately we’re all humans as actually crave respect and acknowledgement over pay and that’s where good ‘people companies’ do well.

    ahwiles
    Free Member

    wobbliscott – Member
    …the CEO’s themselves are taking a big risk…

    hang on, while i **** myself laughing.

    .
    .
    .
    .
    (breathes)
    .
    .
    .

    you’re kidding, right?

    “oh no, they’ve only paid me (millions) for one years work, and now they’ve gone an sacked me (golden handshake)”

    and these people are hardly dragged in off the street to begin with, this is clearly some strange use of the word ‘risk’ that i was previously unaware of.

    thisisnotaspoon
    Free Member

    £500k total job income per annum cap sounds fair to me

    On the news last night,

    “The study found that more than 10% of men who graduated from Oxford, Cambridge and the London School of Economics – considered among the best universities in the UK – were earning more than £100,000 a year 10 years after gaining their degrees, with former LSE students taking home the most.”

    Doesn’t leave them much headroom for promotions before they’re 40 if you want to impose a cap at that sort of level.

    I’m probably (still 2 years to go, but with the oil price circling the drain it’s not looking likely) not going to achieve that, but I don’t begrudge those who do get ahead.

    you’re kidding, right?

    “oh no, they’ve only paid me (millions) for one years work, and now they’ve gone an sacked me (golden handshake)” It’s still a job, no one likes being sacked whether they’re on £15k, £50k, £500k or £5million (and they’ll have a mortgage that accounts for 1/3rd of that, just like everyone else). Just that on CEOtrackworld they discuss which Bentley rather than Skoda Yeti’s.

    Sundayjumper
    Full Member

    It was explained on the news this morning that the £14m is the result of a previously agreed formula to determine the bonus, it’s not plucked out of thin air today. The shareholder vote is retrospective and is not binding in any way. That money will be paid out.

    This means all the investment funds can pretend to be outraged, safe in the knowledge that absolutely nothing is going to happen about it.

    binners
    Full Member

    I’m probably (still 2 years to go, but with the oil price circling the drain it’s not looking likely) not going to achieve that, but I don’t begrudge those who do get ahead.

    Thats very magnanimous of you 😉

    Sundayjumper
    Full Member

    TINAS – You live in Reading ? And work for a design contractor ? Are you with Jacobs ?

    thisisnotaspoon
    Free Member

    TINAS – You live in Reading ? And work for a design contractor ? Are you with Jacobs ?

    You saw nothing! (ducks into cubicle)

    [could also be Fluor, ENI, AFW within a 25min commute, or 40min to Woking (KBR, Mustang, etc) or one of the smaller guys]

    Thats very magnanimous of you

    I’d like to think so.

    I suspect the number working in Saudi, the Emirates etc is probably a similar percentage, so it’s more a normal-ish salary + living in a repressive desert hell hole bonus.

    yorkycsl
    Free Member

    Having worked in the O&G all my life I’ve seen the fat cats come & go.
    I agree the salary’s are ridiculous especially the young wanabees who’ll all be crying now in Aberdeen as there 600 a day rate has been cut, new BMWs & Audis all going back to the main dealers as they can’t afford them & the house prices falling like whores draws.

    I resigned from BP Azerbaijan, had my fill of them, but you can guarantee this, one of Mr Dudleys goal will of been stream lining, cost saving call it what you may but it means getting rid of minions such as my self & enforce severe cut backs, which then makes him look good, oh look he’s saved us millions so lets give him more…

    Tired of all the bullS*t in the oil industry, time to ride my bike & pack it in at last.

    thisisnotaspoon
    Free Member

    I agree the salary’s are ridiculous especially the young wanabees who’ll all be crying now in Aberdeen as there 600 a day rate has been cut, new BMWs & Audis all going back to the main dealers as they can’t afford them & the house prices falling like whores draws.

    My facebook feed is like a more irritating version of “Rich kids of Instagram”.

    600/day? What were they, the tea boy :-p

    yorkycsl
    Free Member

    thisisnotaspoon,

    Long time since I worked in Aberdeen so I’m not up on the day rates, I’m going back many years but the whole place made me turn my back on it & stay over seas.

    chrismac
    Full Member

    In this case what the shareholders say is irrelevant. According to the lady on Radio 4 this morning this is a retrospective vote and the company is under no obligation to change anything or take any notice of the vote and its outcome. The best they can hope is to put some pressure on the company to choose to change it. More to the point the majority of shareholders will approve the award

    dahedd
    Free Member

    As someone from Aberdeen who doesn’t work in the oil industry my heart bleeds. Boo f@@king hoo.

    They’ve all been paid far far too much for what they do, particularly the desk bound paper shufflers. All its done is screw up the local economy & drive up house prices.

    thisisnotaspoon
    Free Member

    Long time since I worked in Aberdeen so I’m not up on the day rates, I’m going back many years but the whole place made me turn my back on it & stay over seas.

    Never been to Aberdeen, but I’d be surprised if the day rates for engineers weren’t higher than that at their peak, £60/hour would have been an average mid-career engineer in the SE, I’d expect Aberdeen to be higher.

    They’ve all been paid far far too much for what they do, particularly the desk bound paper shufflers. All its done is screw up the local economy & drive up house prices.

    Why the vitriol for desk bound paper shufflers?

    Working in engineering design is an entirely paper (well, computerized since the 80’s anyway) exercise.

    stumpy01
    Full Member

    Mate of mine who I haven’t seen for years works(ed) in the oil & gas industry as a project manager in Norway.
    Last time I spoke to him (which was probably 7 or 8 yrs ago) he’d recently signed up to a new contract & asked for £99/hr which they paid him without batting an eyelid. He was annoyed he hadn’t asked for more.
    And part of the package included moving his family with him, paying for an apartment & 2 cars for him and I think he was fully expensed too, so was barely spending any of his own earnings….

    Envious….? Me?! I could have upgraded from SLX to XT!!

    juanking
    Full Member

    Does someone who’s been made redundant from a steel mill on 30k deserve more sympathy than someone who’s been made redundant form the O&D sector on 60k? I don’t think it any different tbh however one would hope the person earning 60k would make some provision.

    johndoh
    Free Member

    The shareholders have rejected it apparently.

    EDIT: Non-binding vote against it.

    teamhurtmore
    Free Member

    chrismac – Member 
    In this case what the shareholders say is irrelevant…..[links somehow to]….More to the point the majority of shareholders will approve the award

    The shareholders own the company….

    they approve the award……(or not, or agree a three year binding formula, or sit in the backsides mute?)

    and the problem is?

    Dahedd, wee eck used to spin a very different story about the industry’s impact on the Scottish (it’s our oil don’t you know) and local economy. Was he talking BS?

    footflaps
    Full Member

    US CEO’s earn considerably more, £100m+ not uncommon so the amount is relatively modest on a global scale.

    Totally irrelevant!

    By the same logic, GBH shouldn’t be a crime as some people commit Murder, which is far worse….

    DrJ
    Full Member

    Because football (TM)THM

    edenvalleyboy
    Free Member

    There is no justification for the pay gap between the BP boss and other colleagues within the organisation at other levels

    Also, no one even needs that level of income….it’s pure greed, made even more obscene considering all the poverty we have in the world.

    jambalaya
    Free Member

    How can a ratio work when the lowest paid BP worker will almost certainly work in a different country, for example Nigeria ?

    @Northwind fair to say many of the best execs will be working abroad and/or for US companies

    @eden talk to the footballers, they play for the love of the game right ?

    edenvalleyboy
    Free Member

    @jambayla…two wrongs don’t make a right…

    athgray
    Free Member

    teamhurtmore – Member
    If the minimum wage was £20 an hour, our dreadful productivity record would have resulted in significantly higher unemployment. You chose….

    Are the hotshot directors on 6 or 7 figure salaries not paid these sums to help improve productivity?

    teamhurtmore
    Free Member

    Among other things, yes.

    konabunny
    Free Member

    Also at that level the CEO’s themselves are taking a big risk – They’re only one decision away from the sack

    That’s not true, though. CEOs don’t get capriciously binned.

Viewing 29 posts - 41 through 69 (of 69 total)

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