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Helge Lund, BG's new CEO, gets pay cut

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NTB/The Local - [email protected]
Helge Lund, BG's new CEO, gets pay cut
Helge Lund is leaving Statoil. Photo: Berit Roald / NTB scanpix

Former Statoil chief Helge Lund is set for a revamped and reduced rewards package when he starts his new job as head of BG Group in London, it was said on Monday.

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British energy company BG Group on Monday said it had decided to reduce a shares award due to its new chief executive Helge Lund following pressure from shareholders, reported AFP.

The revised package reduces the expected value of Lund's initial shares award to about 50 million kroner ($7.3 million) from around 110 million kroner, BG said in a statement.

"Following extensive shareholder consultation, the BG Group board and Helge Lund wish to respond to BG Group shareholder concerns," it said.

"The board welcomes the active and constructive role played by Mr Lund in revising the remuneration package so that all elements fall entirely within the company's current policy," the statement added.

Lund, formerly chief executive of Norwegian energy giant Statoil, is due to start his new role next year.

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