From Mulva's time, the fact that the company board appointed by him decides his compensation, just to watch the stock price go nowhere, is a scam. It reminds me of Enron, where the top management got well paid to run a company to the ground. If I took decisions that impacted the company negatively by millions of dollars, I would expect zero pay and the pink slip. The same rule should apply to the management making millions, while COP is losing billions.
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I know Ryan got screwed with the split but he sure as hell didn't have to take a huge raise this year while the rest of the company floundered...that one is on him
COP's mistake was decoupling from the Integrated company model in 2011, leaving itself fully exposed to fluctuations in the oil price. Mulva made out like a bandit but not much that Lance and the new board can do to sustain the company for the long term in the face of a prolonged crude downturn.
I'd like to point out you're 100% correct. Unfortunately, we do not live in a world where job performance actually matters