Big Oil Pay Out Diminuitive Sized Bonuses

[Realistbear]

http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/8358531/BP-directors-take-bonuses-for-year-of-Gulf-of-Mexico-oil-spill.html

Byron Grote, finance director, and Iain Conn, head of downstream, had their £800,000 and £724,000 salaries and benefits topped up with rewards of £380,000 and £310,500 respectively. The bonuses amounted to 30pc of the full potential payout.

And big oil overall are doing quite well out of the Arab turmoil. Perhaps not BP in the ST....................

Just think what Robert "Legs" Diamond would have said if the bank had presented him with a paltry 300 grand or so. Rage--utter rage.

Edited March 3, 2011 by Realistbear

[kevino]

http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/8358531/BP-directors-take-bonuses-for-year-of-Gulf-of-Mexico-oil-spill.html

Byron Grote, finance director, and Iain Conn, head of downstream, had their £800,000 and £724,000 salaries and benefits topped up with rewards of £380,000 and £310,500 respectively. The bonuses amounted to 30pc of the full potential payout.

And big oil overall are doing quite well out of the Arab turmoil. Perhaps not BP in the ST....................

Just think what Robert "Legs" Diamond would have said if the bank had presented him with a paltry 300 grand or so. Rage--utter rage.

It is also worth noting the article in yesterday's Telegraph showing how much the Total Tax contribution of the various sectors (both corporate and employee).

Oil and gas account for 7 percent of the FTSE 100 companies and contributed to 34 percent of the total tax contribution.

Banks account for 7 percent of the companies and contribute 13.5%.

Being in Oil and Gas myself (drilling), bonus wasn't bad, let down by the production boys (as usual) and 8% pay rise, but at same level in banking, would be on a lot more whilst contributing a lot less to the country no doubt (Yes I pay PAYE and NI and no, I wasn't rescued by Special forces recently).

[kevino]

Also this quote from same Telegraph article:

"Banks in particular have made use of tax reliefs to reduce their taxable profits, with Barclays paying £113m in corporation tax in 2009 on group pre-tax profits of £11.6bn"

[porca misèria]

Oil and gas account for 7 percent of the FTSE 100 companies and contributed to 34 percent of the total tax contribution.

Banks account for 7 percent of the companies and contribute 13.5%.

Erm, where do those figures come from? I'd expect both those 7% figures to be higher by value, and what exactly goes in to the 34% figure? The nearest to credible is the 13.5%.

[fluffy666]

Erm, where do those figures come from? I'd expect both those 7% figures to be higher by value, and what exactly goes in to the 34% figure? The nearest to credible is the 13.5%.

Yes, it looks like '7 out of 100 companies'.

Hard comparison to make, since some of the banks have distorted share prices (i.e. >0), so capitalization doesn't work either. UK turnover would make more sense, but too much like work for a journalist....

[kevino]

Erm, where do those figures come from? I'd expect both those 7% figures to be higher by value, and what exactly goes in to the 34% figure? The nearest to credible is the 13.5%.

As I said in my post............. Yesterday's telegraph business section, quoting the Hundred Group, i.e the companies themselves. The 34% comprises corporation tax and PAYE/NI on employees earnings.

So, if you take the FTSE 100 companies, total their corporation tax and their employees' taxes. Oil and Gas companies and their employees make up 34% of the total.

I can't find internet link, but I have the business section right in front of me.

[kevino]

Yes, it looks like '7 out of 100 companies'.

Hard comparison to make, since some of the banks have distorted share prices (i.e. >0), so capitalization doesn't work either. UK turnover would make more sense, but too much like work for a journalist....

You are correct, it is 7 out of 100 companies. My main point is that figures like this should be thrown at w**kers like Bob Crow and co when the Q1 Shell and BP profits are announced.

As a former employee of one, current employee of the other, I declare my vested interest, but I think it's fair to say, in terms of Dividend and money bought into the UK both by taxes and spending, we pay our way..............................Unlike the politician's best friends.......................