April 2 The CEO of Chevron Corp received a 13 percent smaller cash bonus last year as the U.S. oil company's board held management accountable for "operational incidents" that occurred in 2012, a regulatory filing showed on Tuesday.
Chief Executive Officer John Watson's annual cash bonus for 2012 was $3.48 million under its incentive plan, down from $4 million the previous year, according to filings with the U.S. Securities and Exchange Commission.
Chevron Corp said on March 27 its executive pay would reflect certain incidents in 2012 as well as a financial performance that outpaced the U.S. oil company's peer group. .
For example a fire burned for weeks at a Chevron well off the coast of Nigeria in early 2012. There was also a fire at Chevron's oldest refinery in Richmond, California, which led to damage that has kept the plant operating at reduced capacity for more than six months.
Watson's annual base salary was increased by $100,000 to $1.8 million, according to the SEC filing.
Additional details on executive compensation will be released with the company's annual proxy statement later this month, Chevron said.