LONDON (Reuters) - BG Group (L:BG) has scheduled a general meeting for next month to allow shareholders to vote on its new chief executive's performance-linked pay which is worth 12 million pounds.
Former Statoil (OL:STL) chief executive Helge Lund, is expected to start at the British oil and gas producer on March 2, 2015. He has been offered the performance-linked share award which requires shareholder approval.
BG announced Lund's surprise appointment last month with guaranteed pay of 2 million pounds per year and up to 14 million pounds if he hits all performance targets.
"In order to secure Mr Lund's appointment, the board has approved a remuneration package that is competitive in the international oil and gas industry," BG Chairman Andrew Gould said.
BG and Lund have already agreed on the performance criteria under which Lund's share award will be determined, the company said.
Following comments from shareholders, Lund has agreed to hold on to his shares in BG for the duration of his employment and that his annual cash payments in lieu of pension will be fixed for the first five years of his employment.
The meeting will take place at 1400 GMT on Dec. 15 in Reading, west of London.
(Reporting by Karolin Schaps. Editing by Jane Merriman)