BP has cut Chief Executive Bob Dudley's pay package by 40% to $11.6m (€10.87m), the company has said, the latest British blue-chip company to rein in executive pay after shareholder revolts.
The nearly $8m (€7.5m) cut follows changes to the oil company's pay policy, including a 25% 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 €8.26m pay package for 2016, a 60% jump year on year, while Total's Patrick Pouyanne took home €3.8m last year.
Some 59% of shareholders last year opposed Mr Dudley's $19.4m pay and benefits package, which was up 20% 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.
Other large British companies, such as Reckitt Benckiser and GlaxoSmithKline, have also cut executives' pay after shareholders voiced concern about remuneration plans.
