The chief executive of a petroleum exploration and production company has copped a major blow to his own bottomline, suffering a 10.2 per cent pay cut.
Woodside Petroleum CEO Peter Coleman’s total remuneration for the 2016 reporting period was nearly $8.95 million – down from $9.97m the year before.
Others who received paycuts included:
- executive vice president and chief operations officer Mike Utsler $2.63m (-14.4 per cent)
- executive vice president business development and growth Gregory Roder $2.16m (-8.4 per cent)
- executive vice president marketing, trading and shipping Reinhardt Matisons $1.45m (-1.4 per cent)
The company blames short-term incentives for decreasing 58.5 per cent $US1.085m.
Executive vice president and chief financial officer Lawrie Tremaine’s remuneration was unchanged at $2.34 (-0.3 per cent).
However, the majority of executives bucked the trend and even received small payrises:
- executive vice president development Robert Edwardes $2.21m (+14 per cent)
- executive vice president global exploration Phil Loader $2m (+10.4 per cent)
- senior vice president corporate and legal and general counsel Michael Abbott $1.2m (+7.5 per cent)
- senior vice president people and global capability David McLoughlin $869,059 (+6.3 per cent)
- senior vice president and chief technology officer Shaun Gregory $1.42m (+4.9 per cent)
Read the full annual report here: www.woodside.com.au/Investors-Media/announcements/Documents/01.03.2017%20Annual%20Report%202016.pdf