BG Group cuts CEO pay by more than half under pressure from shareholders
British energy company BG Group on Monday said it had decided to reduce a shares award due to its new chief executive Helge Lund following pressure from shareholders.
The revised package reduces the expected value of Lund’s initial shares award to about £4.7 million ($7.3 million, 5.9 million euros) from around £10 million, BG said in a statement.
“Following extensive shareholder consultation, the BG Group board and Helge Lund wish to respond to BG Group shareholder concerns,” it said.
“The board welcomes the active and constructive role played by Mr. Lund in revising the remuneration package so that all elements fall entirely within the company’s current policy,” the statement added.
Lund, formerly chief executive of Norwegian energy giant Statoil, is due to start his new role next year.