This is the sixth instalment in Carbon Tracker’s series of reports on executive remuneration in oil and gas, in which we continue to analyse the influence of volume-growth and value-growth incentives on executive decision-making. Our analysis explores executive remuneration at 30 of the world’s largest oil and gas companies and is focussed on compensation plans from 2023, the latest year for which a comprehensive dataset could be built at the time of writing. We also provide a comparative analysis against compensation plans from 2022 and, where disclosed, 2024. Key questions addressed:

1. Metrics Utilised: Which categories of metrics drive executive decision-making?
2. Production Growth Incentives: Which companies were most reliant on volume-growth metrics?
3. Transparency and Disclosure: How adequate is the disclosure of remuneration policies on both a retrospective basis and a prospective basis?
4. Timeline Mismatch: How do the vesting and/or holding periods of incentive plans compare with corporate strategic timelines?
5. Recent changes: How did remuneration policies change between 2022 and 2023?
6. Engagement questions: What questions can investors and stakeholders ask corporates as part of engagement efforts?

In addition to the cross-sectional analysis of compensation plans from 2023, we have also included a time-series analysis of executive remuneration plans at each of the 30 companies in our universe over 2021-2023. For previous reports in the series, see Paying with Fire (2019), Fanning the Flames (2020), Groundhog Pay (2020), Crude Intentions (2022), and Crude Intentions II (2024).