Deepwater execs strike oil with safety bonuses

As incongruous as it sounds, executives at Transocean Ltd – the company that owns the Deepwater Horizon oil rig which exploded in the Gulf of Mexico last year killing 11 people – have been paid bonuses for their improved safety performance.

According to a company SEC filing last week, last year was its best-ever for safety, “notwithstanding the tragic loss of life in the Gulf of Mexico”.

Executives receive 25 per cent of their bonuses based on the company’s safety performance in a given year.

Last year, they were given two-thirds of this. In 2009, the company withheld all bonuses after four deaths.

The calculation for overall safety performance is not based on deaths alone, but rather the number of “incidents” and their “potential severity”.

The number of incidents fell 4 per cent in 2010 and their potential severity fell 15 per cent.

Sponsored Content

The Deepwater Horizon rig was leased by BP, which operated the rig. Transocean blames BP for the damage.

The US Government is continuing its investigation into the cause of the explosion.

Leave a Comment

Sort content by

…while Ministry of Finance dictates new guidelines for responsible investing

Norges Bank, the manager of the $456.4 billion (NOK 2,549 billion) Government Pension Fund Global, will integrate considerations of good corporate governance and environmental and social issues into its investment activities under an ambitious new requirement set out by the Ministry of Finance. mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

Timber the next new thing for Aussie sovereign fund

The A$66 billion ($58 billion) Australian sovereign wealth fund, the Future Fund, is doubling its allocation to “tangible assets” and will soon make its first allocation to the timberland sub-asset class. mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

Manager shakeup at Norway’s SWF as real estate approved…

A shakeup of service providers is expected at Norway’s $456.4 billion (NOK 2,549 billion) Government Pension Fund Global, as the sovereign wealth fund gains approval to invest up to 5 per cent in real estate, at the expense of bonds, at the same time it looks to fill equities mandates in 21 different regions and

Private sector reform needed for US public funds: report

US public sector pension funds will have to take a radical private-enterprise approach to reforming employee benefits and revising investment expectations if funds are to fulfil their obligations to existing and new employees. mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

Towers Watson changes the guard

Roger Urwin has stepped down from his position as head of Towers Watson’s think tank, the “thinking ahead group”, to take up a two-day a week advisory position at MSCI Barra. He will continue in his role as head of global investment content at Towers Watson. mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

CalPERS explores environmental exposure

CalPERS’ investment office is working on a variety of environmental programs and initiatives. Amanda White looks at the environmental goals and achievements of the fund across real estate, global equities and alternative investments and examines the plans to develop total fund strategies to improve environmental impact and enhance risk adjusted returns. mrec4inarticleinline Sponsored Content scnative1

Previous