Australian LNG player Woodside revealed on Tuesday that its Chief Executive Peter Coleman has taken a nearly $850,000 pay cut despite the fact that the company posted a jump in its profit last year.
Coleman, who has been at the helm of Woodside since 2011, received $6.71 million in total compensation in 2016, as compared to $7.55 million the year before, Woodside’s annual report shows.
According to the report, Coleman’s salaries and allowances were slightly lower to $1.8 million but short-term incentives nearly halved to $1.09 million.
Woodside said it had restructured executive pay after shareholders delivered a “first strike” during the company’s annual general meeting last year.
Almost 28 percent of votes cast were against the remuneration report at the company’s AGM in Perth in April.
A strike is recorded if 25 percent or more of the votes are cast against the remuneration report.
“That result was a catalyst for a review of our executive remuneration arrangements by the Board. The Human Resources and Compensation (HR&C) Committee Chair, Melinda Cilento and I have spent a considerable amount of time engaging with shareholders to understand their concerns around our remuneration policy and practice,” Woodside Chairman Michael Chaney said in the annual report.
LNG World News Staff