Tony Hayward steps down this week as chief of British Petroleum, following the Gulf of Mexico oil spill, which has wiped some £50bn off the value of the company since April. He leaves with a reported £1m golden parachute, and a pensions pot of around £10m, to take up a senior position elsewhere in the company.
His remuneration is not dissimilar to that of Sir Fred Goodwin, who departed the Royal Bank of Scotland recently with a £703,000 a year pension, including a bonus for being ‘a good leaver’. If he had left on bad terms, as a ‘bad leaver’ his pension income would have fallen to the lower end of the scale and he would have had ‘only’ £570,000 per year in pension income.
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