Source:
Associated PressDALLAS -- Transocean Ltd., which owns the drilling rig where 11 workers died in an explosion in the Gulf of Mexico, eliminated bonuses for top executives last year after the deaths of four other workers.
The company said it eliminated the bonuses "to underscore the company's commitment to safety and to increase the incentive for executive officers to promote ... the avoidance of future fatal accidents."
Transocean's chairman and CEO told shareholders in a letter in March of a "thorough review" of safety practices taking place across the company.
The Swiss company disclosed the decision not to pay bonuses in a regulatory filing on April 1. Less than three weeks later, the company's Deepwater Horizon rig blew up and sank, spawning a huge oil spill that is now endangering wildlife and businesses along the Gulf's coastline. BP PLC leased the rig from Transocean.
Transocean spokesman Guy Cantwell said Tuesday that management recommended that the board not pay bonuses last year.
Read more:
http://www.washingtonpost.com/wp-dyn/content/article/2010/05/04/AR2010050402995.html
At least they eliminated the bonuses instead of just handing them out anyway.