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BP Execs Awarded Hefty Bonuses Despite Gulf Oil Spill Disaster
You’d think that if your company was responsible for the worst oil spill in the history of the United States, bonuses for the year would be out the window. But that’s not the mindset of BP, the company at the center of the Deepwater Horizon disaster. According to its annual report, the company awarded two senior executives bonuses of more than $160,000. WTF?!
The payouts went to Byron Grote, the finance director, and Iain Conn, the head of refining. While the bonuses were far less than what the two executives received in 2009, it’s still crazy to believe that they deserve any bonuses at all, especially considering that 11 rig workers died in the explosion and the Gulf coast is still struggling with pollution caused by the spill. Plus, BP’s share price continues to suffer.
BP said the bonuses were justified because Grote and Conn met their divisional targets. BP also pointed out that neither the current chief executive Bob Dudley, nor his predecessor, Tony Hayward, received any bonuses – including shares under the long-term remuneration plan running between 2008 and 2010. Hayward left the company after the disaster last April.
BP has been dragging its feet in paying for much of the clean up in the Gulf of Mexico. The company needs to do more to show that its promise to right its wrongs was more than just a public relations platform. Seven hundred miles of Gulf coastline were badly damaged and polluted because of the oil spill, and awarding any bonuses, no matter how “small” they are, is completely insulting to the lives and communities harmed by BP’s mistakes.
Via The Guardian
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