Oil firms Pay rises add to calls for windfall tax
The Guardian|May 12, 2022
The bosses of some of the largest North Sea oil and gas companies have been handed bumper payouts - including a £4.6m "golden hello” for the chief executive of the region's biggest producer - amid growing pressure for a windfall tax.
Alex Lawson
Oil firms Pay rises add to calls for windfall tax

The majority of chief executives for the biggest operators received a pay increase, according to recently filed accounts, boosted by the rapid recovery in the oil price from the depths of the pandemic.

Analysis by the Guardian shows the executives of the 10 largest North Sea firms received a combined £54.4m in their last reported financial year, up from £29.4m a year earlier.

Russia's invasion of Ukraine has sent energy prices rocketing further, earning huge returns for the oil giants, piling pressure on household energy bills and stoking demands for a one-off tax on their profits.

Labour has called for a windfall tax to raise £2bn, and the Tesco chairman, John Allan, this week added to the growing clamour, saying there was an "overwhelming case” for one.

This story is from the May 12, 2022 edition of The Guardian.

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This story is from the May 12, 2022 edition of The Guardian.

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