UK gas firm BG Group announced Monday that it has revised Chief Executive Helge Lund's compensation package in response to concerns from the company's shareholders about excessive remuneration.
BG said that the revised package means that a conditional share award previously proposed for Lund – whose move from Statoil to the company was announced in mid-October - will no longer be made. Instead, he will be granted an initial award of shares under the company's long-term incentive plan (LTIP) – with a face value equal to GBP 10.6 million ($16.6 million) – which will be subject to company performance conditions. These conditions are expected to include a combination of relative total shareholder return, cash flow and capital efficiency measures.
The firm added that the revised package reduces the expected value of Lund's initial share award from approximately GBP 10 million ($15.7 million) to approximately GBP 4.7 million ($7.4 million).
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