BP’s new boss gets a 20 per cent pay rise to £8m as oil giant’s profits soar

BP’s new boss has pocketed an £8million pay package after the oil giant’s profits soared.

The huge award for Murray Auchincloss shows “the sickening reality of our broken energy system”, say angry campaigners.

Alice Harrison, campaign director at Global Witness, said his huge reward “stands in contrast to the millions of Britons living in energy poverty”.

Mr Auchincloss received the record sum after BP posted its second biggest profit in a decade – at a whopping £11 billion.

It comes as energy prices still remain high after Russia’s invasion of Ukraine.

He was confirmed as BP CEO in January after being dropped on a temporary basis last September.

He has now received a 20 percent pay increase and a 283 percent increase in benefits, which also includes safety protection.

BP’s annual report shows that pay is 103 times greater than what the average employee earns.

Mr Auchincloss replaced disgraced chief Bernard Looney, who was shown the door of BP after misleading the board about the extent of his personal relationships with colleagues.

The oil giant said the former chief executive has forfeited shares worth around £29m.

And it has already recovered £2.8m in salaries and bonuses.

It’s fresh every day

HELLOFRESH says consumers with little money are moving away from meal boxes.

The business, which boomed during lockdowns, reported a six percent drop in customer numbers.

Shares fell 48 percent on the Frankfurt stock exchange yesterday after it cut its full-year forecast.

A bad match

MIKE Ashley’s Frasers Group has been pushing luxury online retailer Matches Fashion is going into administration – just three months after buying it for £52m.

Frasers said it is too expensive to turn around the loss-making business.

Luxury retailers are suffering as even wealthy shoppers cut back.