The top three executives at Tullow Oil, the Irish-founded energy company with a substantial operation in Dublin, received a significant boost in their remuneration last year following higher payouts under the group's incentive plan.
Total pay for chief executive Paul McDade rose to £2.76 million (€3.2 million) from £1.87 million a year earlier – a near 48 per cent increase – although his 2017 remuneration reflected the fact he only took up the top job at the end of April of that year. He had previously been chief operating officer of Tullow.
Chief financial officer Les Wood’s total remuneration also rose nearly 54 per cent to £1.64 million, while exploration director Angus McCoss enjoyed a near 18 per cent bump to £1.56 million from £1.33 million in 2017.
The increases were largely due to higher payouts under Tullow’s incentive plan, which includes both a cash bonus and a deferred share award. Mr McDade was granted 60 per cent of his total possible award under the incentive plan in 2018 compared with 40 per cent a year earlier.
London-listed Tullow announced last month it would this year pay its first dividend since 2015 when it was forced to suspend payouts to shareholders in the midst of the oil price crash. It has declared a final dividend for 2018 of 4.8 cents a share, totalling $67 million (€60 million). It has already pledged to pay out at least $100 million a year to shareholders from 2019. – Copyright The Financial Times Limited 2019
