LONDON (Reuters) - BP's CEO Murray Auchincloss earned 5.4 million pounds ($6.95 million) last year, the group said in its annual report on Thursday, down from 8 million pounds in 2023.

The group said it paid no bonuses on the basis of financial performance.

BP's profits for last year were 35% lower than the previous year's at $8.9 billion, and it is facing pressure from activist investor Elliott Investment Management to strengthen its oil and gas business.

The company is in the process of dialling back a number of ambitious renewables and emissions-cutting targets it had set itself since 2020. It has also dropped plans to cut oil and gas output by a quarter by 2030.

Over the last five years, BP's shares have underperformed its main European and U.S. rivals, virtually ending flat while shares in Exxon Mobil and Shell have risen around 110% and 49%, respectively.

($1 = 0.7766 pounds)