Oil and gas giant’s annual report admits not enough consideration was given to UK concerns about executive pay
The BG Group board has admitted it “did not strike the correct balance” on pay when it offered a £25m package to lure the Norwegian oil boss Helge Lund to the company as chief executive.
A shareholders’ revolt in November forced the oil and gas company’s chairman, Andrew Gould, and its senior non-executive director, Sir John Hood, who heads the remuneration committee, into an embarrassing U-turn. In December they amended Lund’s package to ensure his earnings would be more closely linked to company performance.