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Last Updated: Wednesday, 10 March, 2004, 14:21 GMT
BP boss bags bumper pay package
BP chief executive Lord Browne
Lord Browne picked up a sizeable pay package after BP's record year
BP's chief executive picked up a huge 4.8m after leading the oil giant to record profits in 2003, it has emerged.

The 8% rise for Lord Browne of Madingley included a 2.5% basic pay rise to 1.3m, a bonus of 1.9m and share options worth 1.5m.

In February, the firm revealed profits had jumped 42% to 6.6bn ($12.4bn) thanks to higher crude prices.

A BP spokesman said: "The bonuses are based on a record year for BP and are very much market related."

Details of the pay arrangements for senior directors were disclosed in the firm's annual report and accounts.

The documents also revealed Lord Browne, who joined the firm in 1966, has built up a pension fund of 13.9m.

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