Millions for boss as BP profits hit peak

LORD Browne, boss of BP is in line for another bumper pay packet as the oil giant prepares to unveil record-breaking results this week.

Analysts expect BP to report profits of more than £13bn - the highest ever for a British company and easily beating the £9.3bn revealed by rival Shell last week.

The bonanza is being fuelled by soaring oil prices, which recently topped $50 a barrel.

Browne is already one of Britain's highest-paid bosses, taking home £3.3m last year. But that is likely to be beaten this time if, as seems likely, his annual bonus worth up to 150% of his £1.3m salary pays out in full.

Browne is also poised to pick up a further tranche of shares, worth almost £2.6m under the company's long-term incentive plan.

BP is in the process of overhauling its executive pay policy and recently announced it was scrapping the use of share options.

The move follows the introduction of new international accounting standards that state the cost of share options must be taken as a charge against profits.