To prove that it is serious, BP on Tuesday ousted its chief executive, set aside over $32 billion and announced plans sell a big chunk of assets to cover costs related to the worst oil spill in U.S. history.

"The only way you can build a reputation is not just by words, but by action," BP's incoming CEO Robert Dudley said on CNN's "American Morning" on Wednesday. "There is no question that we will make some changes going forward, significant changes," he added later.

However, BP has yet to announce any changes regarding its executive compensation policy, which has been criticized for valuing the company's financial performance over its safety record.

As BP struggles to repair its severely tarnished reputation, analysts say reforming the way it pays senior executives could send a powerful message.

"Compensation for CEOs and other senior managers is the single best way to ensure that a company puts its money where its mouth is in terms of corporate values," said Nick Kalm, president of corporate consulting group Reputation Partners. "BP will have missed a major opportunity if compensation is not tied in a meaningful way to safety."

BP spokesman Toby Odone said the terms of Dudley's compensation plan have yet to be announced, adding that information about executive pay is normally disclosed in annual reports.