Deepwater Horizon Firm Gives Execs Safety Bonuses, with No Apparent Sense of Irony. By Jess Zimmerman, Grist, 4/4/11. “Transocean, the offshore drilling firm that ran the Deepwater Horizon rig, has given its top execs massive bonuses for having ‘the best year in safety performance in our company's history… Notwithstanding the tragic loss of life in the Gulf of Mexico, we achieved an exemplary statistical safety record as measured by our total recordable incident rate and total potential severity rate.’… Transocean said that executives would be getting a 3.8% raise, millions in stock options, and a cash bonus of 44.8 percent of their ‘target bonus opportunity. What’s that mean? Well, for the CEO (who’s not getting a bonus, having just gotten a promotion and a raise), ‘target bonus opportunity’ would be his full annual salary of $900,000, so he would be getting over $400,000.”
2011-04-05
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