Huge Bonuses Reward Fossil CEOs for Risky Development Projects
The chief executives of five major fossil fuel companies “have been showered with bonus payouts” after presiding over a US$11-trillion cascade of oil and gas exploration and extraction since 2006, The Guardian reports.
“The unprecedented push to bring untapped reserves into production, and to exploit new and undiscovered fields, involves some of the most complex feats of engineering ever attempted,” Bowers and Davies write. “It also reflects how confident Exxon Mobil, Shell, Chevron, Total and BP are that demand will remain high for decades to come.”
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The companies are pursuing multi-billion-dollar ventures in “some of the most inaccessible locations on the planet,” and “bonuses for chief executives at all five firms are tied to the achievement of delivery milestones in the construction and deployment of such projects.”
The report cites CEO bonuses of $32.2 million at Shell and $15.3 million at BP, all tied to specific projects. ExxonMobil CEO Rex Tillerson received total compensation of $33.1 million, including bonuses.