HEY! WHERE’S MADPRIEST’S GOLDEN HANDSHAKE?

This an accurate and up to date of the
Great Tony Hayward Pay Off Scandal.

From THE BBC:

Tony Hayward will be able to draw a pension of around £600,000 a year from the day he turns 55 in two years time. This is his contractual entitlement under the company's pension scheme.

Mr Hayward's pension pot had a transfer value on 31 December 2009 of £10.8m, and he had accrued a pension of £584,000 a year. The pension pot will be worth more than that by the time of his departure.

The terms of Mr Hayward's departure from BP have been agreed by the company's board. As he is not being sacked but is leaving by mutual agreement, the board feels it has to honour the terms of its contract with him. He will therefore receive a year's salary plus benefits. That's worth more than £1m.

He also retains a right to any bonus that's paid to senior executives this year and he will retain entitlement to shares under the long-term performance scheme, which - depending on BP's recovery over the coming years - could eventually be worth several million pounds

Mr Hayward is not severing his links with BP completely. He will become a non-executive member of BP's joint venture in Russia, TNK-BP (a part-time role) - largely because, I am told, his Russian contacts and knowledge are valuable.

Comments

HEY! WHERE’S MADPRIEST’S GOLDEN HANDSHAKE? — 7 Comments

  1. Unfortunately MP, golden parachutes have never been part of the church culture. You mean they didn’t tell you that when you signed up?

  2. What motheramelia said, but I presume if the church reconsiders this policy, you’ll be buying us all a round of drinks? …

  3. That lies in line with the whole ‘laying up treasures in heaven’ concept. Makes the retirement package much more affordable.

  4. My clinical social worker wife had a colleague who was Jewish and learned from him that his synagogue paid their rabbi not to be a doctor of lawyer.

  5. Tony could even pad his income further by holding “What To NOT Do and Say In a Crisis” seminars.