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

Invest in line with how old you feel

How old do you feel? Academics at Maastricht argue that not only our true age but also our subjective age should be integrated into designing and marketing financial products and services like target date funds and pension products.

Tough 2020 for Canadian funds: Aon

Now that we’re in the midst of 2020, it might be easy for investors to forget how big a turnaround 2019 actually was for financial markets. One way to look at it is through the Aon Median Solvency Ratio, a quarterly survey that gauges the financial health of an important slice of the institutional investor community, Canadian defined benefit pension plans. Erwan Pirou, Canada CIO for Aon asks whether markets – and, by extension, pension plan solvency – can stage a repeat performance in 2020.

Reaction to Coronavirus: Cambridge Assoc

The Wuhan coronavirus is still spreading, but according to Aaron Costello who is regional head, Asia, at Cambridge Associates, investors should stay calm. The virus remains less deadly and more contained than the SARS outbreak of 2002–03. Looking at other epidemics, history suggests that after an initial sharp hit, economies and markets typically recover quickly.

Live Stream 2020 | DAY 2

[vc_raw_html]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[/vc_raw_html][vc_empty_space] Zoom room one Professor Stephen Kotkin, Professor in History and International Affairs, Princeton University (United States) Karen Karniol-Tambour, head of investment research, Bridgewater Associates (United States) Current number of participants: 1 [vc_btn title=”Join” color=”pink” align=”left” custom_onclick=”true” el_id=”zoom1″ custom_onclick_code=”window.open(“https://live.wallf.ly/vstats/zoom.php“+location.search+“&zoom=zoom2“);”]mrec4 Zoom room two Kate Barker, chair, BCSSS (United Kingdom) Michael Hewett, managing director, investor relations, SVP

The Curious Quant

The Curious Quant series, hosted by Michael Kollo, is a discussion between technically-minded professionals in the financial services, technology and data science fields. It carefully examines the application of new data and new methodologies to common problems in financial markets. The aim is to promote better discussions about these emerging areas, and a better understanding of new technologies.

Time’s up for climate lobbyists

While hopeful this week’s UN Climate Action Summit generates a huge leap forward, Fiona Reynolds calls on investors to redouble efforts to address negative corporate climate lobbying. She writes from New York.

Previous