Micro Focus pushes ahead with bonus extension despite investor backlash. Software giant Micro Focus International (MCRO) will push ahead with plans to give bosses more time to win £270m in bonuses, despite the proposal having been shot down by investors. At the company’s annual general meeting, shareholders rejected the company’s remuneration report by a slim margin, with 50.4% voting against the plan. However, given it was an advisory vote, Micro Focus is expected to continue to implement the changes. The plans allow more than 30 senior bosses a further year, to September 2020, to get the company’s share price up to £34 from its current price, of £19.88.
BP boss Bob Dudley takes a pay cut – but still pockets almost $15m. BP (BP.) chief executive Bob Dudley took a pay cut last year – but still managed to pocket a cool $14.7m (£11.3m). His total package was $400,000 lower than the year before, and $2.7m less than it could have been if not for the “discretion” of the oil giant’s remuneration committee. It docked about $1.5m from Mr Dudley’s incentive pay and he also agreed to cut $1.1m from a long-term incentive plan. Meanwhile, BP’s chief financial officer, Brian Gilvary, took home a total of £7.9m last year, £800,000 more than in 2017. Paula Rosput Reynolds, chair of the remuneration committee, said that “despite the strong business results for the year, we assessed 2018 performance as below plan”.
