BP logo is seen at a new BP petrol station on the outskirts of Mexico City, Mexico
London – BP has cut chief executive Bob Dudley’s pay package by 40 percent to $11.6 million (R158.75 million), the company said on Thursday.

BP became the latest British blue chip company to rein in executive pay after shareholder revolts.

The nearly $8 million cut follows changes to the oil company’s pay policy, including a 25 percent reduction in bonuses for reaching certain targets.

Dudley’s pay still remains well above that of bosses at BP’s European rivals.

Shell’s Ben van Beurden was awarded an 8.263 million euros (R120.66 million) pay package for 2016, a 60 percent jump year on year, while Total’s Patrick Pouyanne took home 3.8 million euros last year.

Some 59 percent of shareholders last year opposed Dudley’s $19.4 million pay and benefits package, which was up 20 percent despite the company reporting steep losses.

Read also: BP shareholders vote down Dudley's pay package

Executive pay has come under scrutiny in Britain after a string of corporate scandals.