What everyone thinks about ACB scorecard results? Any comparisons with other historical low years?
17 replies (most recent on top)
No ABC in 2025
ACB to be cancelled for 2025 ?
The crazy thing is we work our tails off but the poor strategy set by leaders means we don’t get a good bonus.
"elites" = useless mo--ns who destroy value
- 75 for worker class and 0.45 for elites
- 45 execs
- 75 valuable people
- 45 for the id--t class
- 75 for actual workers
What was the multiplier?
What’s the multiplier? 0.001?
Dear @a9+1jkt707z4
Absolutely, 100% sure about the buybacks and cancellation. And no need to take my word for it. Below is the summary from the official BP document related to Annual General Meeting in 2024.
El link: https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-agm-notice-of-meeting-2024.pdf
"Recent buyback activity
The company bought back and cancelled 1,262,982,632 shares during
the 2023 calendar year, at a cost of $7,917,879,058 (including transaction
costs), representing 7.35% of bp’s issued share capital, excluding shares
held in treasury, on 31 December 2023. Of the shares bought back and
cancelled in the 2023 calendar year, shares purchased under the 2022
AGM authority represented 3.57%, and shares purchased under the 2023
AGM authority represented 3.78%, of bp’s issued share capital, excluding
shares held in treasury, on 31 December 2023. The company operated
share buyback and cancellation in order to reduce the issued share capital
of the company"
Didn't know about shares being cancelled after buyback
Are you 100% sure?
Agree with this, but I was comparing money spent on dividends Vs bonus
Not dividends Vs any other possible investment
If you take finance 101, paying dividends or doing stock buybacks means there is nothing else worth investing in in the portfolio.
ie all our investment opportunities would perform worse than share buybacks.
It screams that either we have no good projects OR we have horrible capital discipline.
I think it’s both.
- Perhaps
- Here you are completely mistaken. When BP acquires the shares via buyback, it cancels them, so there are left shares outstanding. So no, BP is not paying dividends to itself.
- This is favourite mantra of leadership. But it's extremely naive and misleading. You would need to have BP shares worth hundreds of thousand (if not millions...) of $ in order for such increase of divident to ofset the bad ACB score. How many BP employees have so many shares? Very, very few.
Paying more dividends is a good strategy for several reasons (at least from the company view vs paying more in bonus)
- You conducted a share buyback at a lower price and now want to keep the price high, ensuring that the difference between the buyback price and the current price is bigger than the dividend payout.
- Buybacks also mean you effectively pay part of these dividends back to yourself, whereas a bonus is simply an expense.
- Many employees hold shares, so increasing dividends benefits them as well.
There was no ACB for 2020, so this one is much better, but still sh-t.
And it's so offensive that at the same time they boast about increasing the dividend by 10% in 4th Q 2024 (vs 2023).
To be fair, the worst year was 0. But this is pretty bad.