This an accurate and up to date of the
Great Tony Hayward Pay Off Scandal.
From THE BBC:
Tony Hayward will be able to draw a pension of around £600,000 a year from the day he turns 55 in two years time. This is his contractual entitlement under the company's pension scheme.
Mr Hayward's pension pot had a transfer value on 31 December 2009 of £10.8m, and he had accrued a pension of £584,000 a year. The pension pot will be worth more than that by the time of his departure.
The terms of Mr Hayward's departure from BP have been agreed by the company's board. As he is not being sacked but is leaving by mutual agreement, the board feels it has to honour the terms of its contract with him. He will therefore receive a year's salary plus benefits. That's worth more than £1m.
He also retains a right to any bonus that's paid to senior executives this year and he will retain entitlement to shares under the long-term performance scheme, which - depending on BP's recovery over the coming years - could eventually be worth several million pounds
Mr Hayward is not severing his links with BP completely. He will become a non-executive member of BP's joint venture in Russia, TNK-BP (a part-time role) - largely because, I am told, his Russian contacts and knowledge are valuable.