Tullow Oil overhauls exec pay

Explorer Tullow Oil has pledged to overhaul executive pay this year, in response to a 20 per cent protest vote at remuneration plans at last year’s AGM. In its annual report out yesterday, chairman Simon Thomson said the aim was to provide a “simple and competitive package, strongly linked to strategy and performance”. A new incentive plan will be introduced, which will be capped at 600 per cent of an employee’s salary.