John Browne, yet again has shown himself to be at the cutting edge of where governance should be.
Most CEO's would be thinking about how to spend his (still too rarely her) billions on enlarging his dominions, not giving back surplus cash to it rightful owner, the shareholders. This is why we had so much speculation this weekend about a possible takeover of Repsol YPF by BP,
John Browne turned his back on these temptations and responded to the surplus cash generated by the buoyant markets and distributed these surpluses. Well done!
Onésimo Alvarez-Moro
See article:
BP said on Tuesday it expects to return $50bn to shareholders in the next two years, the most generous return of profits yet from the energy group, which is benefiting from high oil prices.
The estimate is based on an average price for Brent crude oil of $41 a barrel, well below today's price of $63. At an average of $60 a barrel the figure could rise as high as $65bn, compared to $40bn in dividends and share buybacks from 2003-2005.
See full Article (paid subscription required).
Posts
