The chief executive of BP received an inflation-busting eight per cent pay rise after steering the oil giant to record profits in 2003.
Lord Browne of Madingley picked up £3.3 million in pay and bonuses for a year in which BP lifted its share price from four-year lows.
He also benefited from share options worth £1.5 million as BP avoided the reserves woes that have hit FTSE rival Shell.
But the bumper £4.8 million pay deal leaves Lord Browne short of the £5.7 million he earned in 2001.
Thursday March 11, 2004
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