The chief executive of BP took a 32 per cent pay cut last year, according to the oil giant's annual report, as the company's share price slumped to four-year lows.
Lord Browne of Madingley saw his remuneration cut from £5.7 million in 2001 to £3.9 million last year, reflecting the problems that have wracked Britain's biggest listed company and its share price.
A BP spokesman said: "This cut reflects the performance of BP against other companies in the sector and against other companies generally."
On top of the falling share price, BP's profits declined by 25 pre cent to about £8.7 billion last year and analysts put much of this profit down to the strength of oil prices.
After stripping out long-term performance plans, Lord Browne's actual salary and bonus was little changed at £3.031 million - the equivalent of almost £12,000 for each working day.
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