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CORRECTED-BRIEF-BP says CEO Bob Dudley's 2016 total remuneration was $11.6 mln
April 6, 2017 / 10:35 AM / 4 months ago

CORRECTED-BRIEF-BP says CEO Bob Dudley's 2016 total remuneration was $11.6 mln

(Corrects currency in headline to dollars from pounds)

April 6 (Reuters) - BP Plc:

* Says CEO Bob Dudley's 2016 total remuneration, including pension was $11.6 million versus $19.4 million in 2015

* CEO Bob Dudley's 2016 annual bonus was $2.5 million vs. $4.2 million in 2015

* Bob Dudley's deferred bp share component of 2016 annual bonus was $848,000

* The salary for the group chief executive Dudley will remain at $1.854 million for 2017

* Says CFO Brian Gilvary total remuneration for 2016 at 4.2 million pounds versus 5.1 million pounds in 2015

* From 2017, level of bonus paid for an 'on-target' score will be reduced by 25 pct

* From 2017, the proportion of annual bonus that must be deferred into shares will be increased from 33 pct to 50 pct

* Executive directors have voluntarily agreed the extension of vesting periods for certain legacy share awards as a transitional approach to the new policy

* From 2017, deferred shares will no longer be matched with additional shares

* From 2017, will operate only two incentive plans – a short-term annual bonus and a long-term performance share plan

* From 2017, maximum CEO longer-term incentives will be reduced from seven times salary to a maximum of five times salary

* Expected that Bob Dudley and Brian Gilvary will maintain a shareholding of at least 250 percent of salary for two years following retirement

* Committee believes that the relative reserves replacement ratio measure does not fit with the group’s strategic focus on 'value over volume'

* 2016 proved rrr for exploration, including impact of Abu Dhabi Onshore Oil Concession Renewal, was 96 pct for subsidiaries, equity-accounted entities (2015 33 pct)

* 2016 proved rrr for exploration, with impact of Abu Dhabi Onshore Oil Concession Renewal, 101 pct for subsidiaries (2015 28 pct),61 pct for equity-accounted entities (2015 76 pct) Source text for Eikon: (on.bp.com/2o62rEB) Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)

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