BP chief executive Bernard Looney and the supermajor’s chairman Helge Lund have agreed to give 20% of their salaries to mental health charities that help support people whose conditions have been amplified by the ongoing coronavirus pandemic.
Looney said 20% of both his and Lund’s salaries for the rest of this year will go to mental health charities that specialise in helping people cope — “especially in times like this”, he said on LinkedIn.
“Within BP, like so many companies, colleagues are selflessly giving their time, money or skills to fight the virus,” Looney said.
“Having seen this — and wanting to do our part — BP chairman Helge Lund and I have each decided to give 20% of our salaries for the rest of this year to mental health charities.
“It is something that affects us all. Everyone is dealing with something in life. And with the virus, it is amplified. Not everyone will be infected — but everyone is affected. Stress, fear, anxiety, isolation. This is a mental health crisis as well,” Looney said.
New BP boss Looney officially took over the helm of the company in February on an annual base salary of £1.3 million ($1.6 million). The previous chief executive Bob Dudley was on a base salary of $1.854 million a year.
Earlier this month, BP slashed its budget for the year by 25% and lowered its production guidance in response to the Covid-19 pandemic and ongoing market disruption, while reassuring employees no job cuts will be made in the next three months.
The company also said it continues to review potential first-quarter impairment charges and currently expects to take a non-cash, non-operating charge of around $1 billion in the three-month period.