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Shell AGM

Amnesty ‘disappointed’ by FT’s decision to pull ad targeting Shell

Posted: 18 May 2010

Financial Times’ late call thwarts Amnesty’s campaign

Amnesty International UK expressed its immense disappointment today at the Financial Times’ decision to pull a new hard-hitting advertisement at the last possible moment. The ad was due to appear today as Shell held its London AGM.

The advertisement focused on the appalling human rights record of Shell in Nigeria. It compared the company’s $9.8bn profits with the consequences of pollution caused by the oil giant for the people of the Niger Delta.

Numerous oil spills, which have not been adequately cleaned up, have left local communities with little option but to drink polluted water, eat contaminated fish, farm on spoiled land, and breathe in air that stinks of oil and gas. read more

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Shell faces shareholder questions on tar sands

The Independent

By Sarah Arnott

Tuesday, 18 May 2010

Shell will become the latest major corporation to face investor questions about tar sands developments at its annual general meeting (AGM) today.

Demonstrations outside the meeting in The Hague will be calling for an end to tar sands exploitation, while inside the hall the Anglo-Dutch group’s executives will be quizzed by shareholders on the financial risks.

Some 142 investors have backed a special resolution calling on Shell to give more details on the financial, environmental and human rights risks of tar sand, which make up a third of the major’s resource portfolio. read more

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Rig blast shadows rise in BP profits

The Sunday Telegraph: BP is expected to say this week that profits almost doubled in the first quarter, as it investigates the circumstances surrounding the explosion of a drilling rig it had hired in the Gulf of Mexico.

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Shell braced for yet another revolt over directors’ pay

“The oil titan is set to encounter protests over a controversial £4.8m severance deal for its former gas and power chief Linda Cook, a leading institutional shareholder told the Mail.”

By Sam Fleming
Last updated at 11:24 PM on 13th April 2010

Royal Dutch Shell faces another turbulent annual general meeting next month after failing to assuage all of its investors’ concerns about director pay.

The oil titan is set to encounter protests over a controversial £4.8m severance deal for its former gas and power chief Linda Cook, a leading institutional shareholder told the Mail.

Discontent is also simmering after chief financial officer Simon Henry moved to a Dutch employment contract, which will ensure more generous rights. And a hearty compensation package handed to former chief executive Jeroen van der Veer remains a bone of contention. read more

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Shell Advises Holders To Reject Oil Sands Resolution

LONDON (Dow Jones)--Royal Dutch Shell PLC (RDSB) has advised its shareholders to vote down at its annual general meeting in May a resolution requiring the company to conduct a thorough review into the commercial viability and environmental sustainability of its Canadian oils sands operations, according to documents posted on its Web site Monday.

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Oilsands top producer for Royal Dutch Shell

Citizen Staff and news services March 20, 2010 3:07 AM

Royal Dutch Shell PLC, which plans to produce oil from Canada’s oilsands for 40 years, earned 67 per cent more from operations in Alberta than from projects elsewhere between 2005 and 2009. The company earned $20 U.S. a barrel from oilsand mining on average, more than the $12 a barrel it gained from extraction projects excluding oilsands, The Hague-based Shell said in a report posted this week on its website. Oilsands contributed $3.1 billion to Shell’s earnings in the period. Shareholders have demanded a review of the risks of the oilsands projects at annual meetings in April. read more

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Shell chief pumped up for future

Ian Lyall, Daily Mail
16 March 2010, 9:52pm

He said he was ‘energised’ and up for the fight. But as he stood at the podium to deliver the company’s annual strategy review, Shell boss Peter Voser (right) looked anything but.

His audience of a hundred or so British and foreign journalists listened with an air of resignation rather than in rapt attention.

Voser isn’t a natural orator. His clipped Swiss accent and the dry delivery may work well around the boardroom table, but his style is hardly inspirational. read more

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Shell CEO’s Pay Rose 22% in 2009

By LANANH NGUYEN

THE WALL STREET JOURNAL

MARCH 16, 2010

LONDON—Royal Dutch Shell PLC’s Chief Executive Peter Voser’s earnings rose 22% in 2009 to $4.4 million, according to the company’s annual report Tuesday.

Mr. Voser, who became CEO in July 2009, earned $3.6 million in 2008 while serving as the company’s chief financial officer. The earnings include Mr. Voser’s salary and performance bonus.

Shell proposed in February changes to how it pays its executive directors in an attempt to assuage concerns that led shareholders to reject its remuneration package last year. read more

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So far so good as Shell is giving a shaking

Times Online

March 16, 2010

David Wighton: Business Editor’s commentary

He arrived with a bang and within weeks had axed 5,000 jobs. But eight months after taking over the helm at Royal Dutch Shell, is Peter Voser making progress turning around the supertanker? read more

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Shell’s Holliday

Financial Times

By Emiliya Mychasuk and Emiko Terazono
Published: March 12 2010 02:00

A reshuffle on the Royal Dutch Shell board, which drew investor approbrium over pay last year, sees the hiring of former DuPont chief executive Chad Holliday Jr . The American is a co-author of Walking the Talk, putting a business case for corporate responsibility. read more

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Shell and BP face onslaught from tar sands campaigners

Lobbyists bid to turn RBS, BP and Shell annual meetings into green referendums

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Charities to lobby BP and Shell on environmental practices

CIVILSOCIETY.CO.UK

Vibeka Mair | 22 Feb 2010

Campaigning charities FairPensions and WWF have joined a coalition which is lobbying oil giants BP and Royal Dutch Shell over their investments in environmentally controversial oil sands developments.

The coalition, which also includes Unison, Greenpeace and the Co-operative banking group, is asking pension scheme members to email their fund managers to push them to support shareholder resolutions against oil sand projects that are due to be voted on at BP and Shell’s annual general meetings this spring. read more

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Two-tier market in executive pay

Financial Times

By Brian Groom, Business and Employment Editor

Published: February 21 2010 23:03

A two-tier market is emerging in executive pay in the UK’s largest listed companies, with those that have come strongly through the recession able to offer better remuneration than their rivals, according to new research.

Royal Dutch Shell, ranked ninth in 2007-08 with £11.4m, rose to third last year with £15.3m. But the company is now freezing executive directors’ salaries for a year as part of a new pay structure after an investors’ revolt. read more

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Shell overhauls executive pay in response to shareholder revolt

Daily Telegraph

Royal Dutch Shell has frozen the pay of its top executive directors and imposed new rules on bonuses, as it tries to appease investor anger over excessive remuneration.

By Rowena Mason, City Reporter (Energy)
Published: 9:11AM GMT 16 Feb 2010

Last year, Shell’s board suffered an embarrassing shareholder revolt over their pay packages, which awarded bonuses to executives who had failed to hit their targets.

Since then, the company has been consulting with major shareholders about more appropriate remuneration policies.

In a letter to investors , Hans Wijers, chairman of the remuneration committee, said the move would “better align remuneration policy with shareholder interests and long-term strategy”. read more

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Shell freezes pay of top executives

guardian.co.uk home

• Shell responds to last May’s shareholder revolt over pay

• Salaries frozen until 2011, with pledge on bonuses and targets

Zoe Wood
Tuesday 16 February 2010 10.36 GMT

Shell has frozen salaries after a row with shareholders. Photograph: Leon Neal/AFP/Getty Images

Royal Dutch Shell has today bowed to pressure from major investors by announcing a major overhaul of executive pay. It will freeze the salaries of top directors and set new limits on bonuses.

The oil group has been in talks with major shareholders since the embarrassing revolt at last May’s annual meeting when 60% voted against a pay deal that included discretionary bonuses for top directors who had failed to hit targets. read more

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Shell tries to appease investors with caps on pay

Times Online

The Times
February 17, 2010

Robin Pagnamenta and Robert Lindsay

Royal Dutch Shell said that it would freeze the salaries of its top directors and reform a generous bonus scheme as the oil giant moved to soothe shareholders’ anger over excessive boardroom pay before its annual meeting.

In a letter to investors, Hans Wijers, the new chairman of the Anglo-Dutch company’s remuneration committee, said that the changes were being made after extensive talks with shareholders, 60 per cent of whom voted down the executive pay plans at a stormy annual meeting last year. read more

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Shell Moves to Cut Executive Pay

THE WALL STREET JOURNAL

FEBRUARY 16, 2010

By JAMES HERRON

LONDON—Royal Dutch Shell PLC on Tuesday proposed changes to the way it pays its executive directors in an attempt to assuage concerns that led shareholders to reject its remuneration package last year.

The proposals constitute a significant step toward greater pay restraint at one of the world’s largest companies at a time when excessive awards to executives, particularly at banks, are a political hot potato.

The salaries of Shell Chief Executive Peter Voser and Finance Chief Simon Henry will be 20% lower than those paid to their predecessors and will be frozen from July 2009 until January next year, according to proposals outlined in a letter from the chairman of Shell’s remuneration committee, Hans Wijers. read more

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Shell to curb pay, bonuses after investor revolt

REUTERS

LONDON (Reuters) – Royal Dutch Shell Plc (RDSa.L) said it was overhauling its pay practices for top management, including a pay freeze for its chief executive, Peter Voser, and a limit on bonuses, after a shareholder revolt last year.

The head of Shell’s remuneration committee said salaries for Voser and Chief Financial Officer Simon Henry, which are 20 percent lower than their predecessors’, were being frozen until 2011.

Directors will not, this year, be allowed to award management bonuses if they fail to meet pre-agreed targets. read more

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Royal Dutch Shell freezes pay of three senior directors

London Evening Standard

16.02.10

Shell today bowed to shareholder anger over its senior staff pay by announcing it was freezing the salaries of its three top directors this year.

Chief executive Peter Voser and chief financial officer Simon Henry, whose salaries are 20 per cent lower than previous pay for their positions, will not get a rise until 2011. The international exploration boss, Malcolm Brinded, will also be affected by the freeze.

Shell also said it was preventing bonuses from rising this year and told shareholders of its decision. Last May, shareholders owning almost 60 per cent of the business voted against directors’ pay deals. read more

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Shell has learnt executive pay lesson

Financial Times

Wijers says Shell has learnt pay lesson

By Richard Milne and Michael Steen in Amsterdam

Published: February 7 2010 23:07

Royal Dutch Shell, the oil company that suffered a humiliating defeat by shareholders on pay last year, made a mistake by under-estimating how fast the mood on executive salaries was changing, according to the new head of its remuneration committee. read more

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Shell Investors Seek Review of Oil-Sands Operations

BLOOMBERG

By Fred Pals

Jan. 19 (Bloomberg) — Royal Dutch Shell Plc, Europe’s second-largest oil company, faces shareholder scrutiny of the investment risks at its Canadian oil-sands projects as environmental groups object to development plans.

A coalition of 142 shareholders have requested a review of the risks, in a resolution to be addressed at Shell’s annual meeting in May, according to FairPensions, which is coordinating the investor campaign. A statement from FairPensions cited a likely increase in carbon costs and potential damage to Shell’s reputation from environmental degradation as some of the risks. read more

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BP Shines Among UK Oil Companies; Shell Suffers

The speed with which cost savings and efficiencies introduced in the program can filter through to Shell's financial performance will determine whether the company can return to profit growth early in the first half of the year, or if that recovery will be delayed to the third or fourth quarter as some analysts fear.

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SHELL TO SLASH COSTS WITH GIANT JOBS CULL

Daily Express - Breaking news, sport and showbiz from the World's Greatest Newspaper

City & Business

SHELL TO SLASH COSTS WITH GIANT JOBS CULL

Story Image RESTRUCTURE: Peter Voser is going to restructure the company

Thursday May 28,2009

By Andrew Johnson

Royal Dutch Shell unveiled one of the most radical restructurings in its 119-year history yesterday in a move placing thousands of jobs at risk.

Incoming chief executive Peter Voser is aiming to slash costs, cut project overruns and speed up decision making through the overhaul announced yesterday following the departure of gas and power chief Linda Cook.

While the company disappointed the City by setting no targets for how much money will be saved, analysts said the annual figure would be in the high “£100millions, if not low £1billions in the next two years or so”. read more

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Shell shock as long-timer Cook is first to go in Voser cull

By SAM FLEMING
Last updated at 11:53 PM on 26th May 2009

Going: Linda Cook will leave Shell after nearly 30 years working for the firm

Going: Linda Cook will leave Shell after nearly 30 years working for the firm

A management shakeup is looming at oil giant Royal Dutch Shell as anointed chief executive Peter Voser prepares to take the helm. 

Shell yesterday announced the sudden departure of gas & power chief Linda Cook, who has been at the company for almost three decades. Cook will step down from the board next week and then leave her post at end of June. 

The surprise decision is thought to be a prelude to wide-ranging changes at the top, as Swiss-born Voser succeeds Jeroen van der Veer as chief executive. read more

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Shell restructuring puts 24,000 jobs at risk

Up to 24,000 jobs are at risk in Shell after the Anglo-Dutch oil group unveiled plans for a major restructuring.

The oil giant this morning revealed a shake-up in which its exploration and production, gas and power and oil sands units are to be merged into two new divisions.

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Shell faces legal fight over alleged human rights abuse and pollution

Jeroen van der Veer's tenure as chief executive ends amid outcry over bonuses, environmental record and human rights abuses

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Shell gas chief exits after losing race for top job

Linda Cook, head of gas and power of Shell, the oil giant, will leave the company after missing out in the race to become chief executive and will forfeit a "loyalty" bonus of £800,000.

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Shell and a particularly obscene pay deal

Last week, 59% of Shell's shareholders voted down its directors' pay packages – a huge rise from the 15 or 20% that might come out against a particularly obscene pay deal just a couple of years ago.

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Shell revolt heats up

Daily Mail

City & Finance

Monday 25 May 2009 Page 60

SHAREHOLDER activists Co-operative Asset Management and PIRC have turned up the heat on directors of oil giant Royal Dutch Shell, writes Geoff Foster. 

They want them to hand back their bonuses and are calling for the head of Sir Peter Job, who chairs the remuneration committee. 

It follows the revolt last week, which saw 60pc of investors vote down the company’s generous executive pay policy. 

Shell antagonised investors by casually saying it would take the result Into consideration, indicating there would be no climb-down on its recent bonus pay-outs.  read more

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Backlash from investors over Shell bonuses set to intensify

The Independent

Shareholders vow to fight on to prevent payouts

By Sean O’Grady

Monday, 25 May 2009

Angry investors are demanding that Shell pays back millions of pounds of bonuses set to be awarded to the oil giant’s most senior executives – payments in defiance of a vote at the company’s annual meeting last week.

Over the weekend a number of large shareholders vowed that their increasingly militant campaign would continue, and stepped up the pressure by demanding the resignation of the chair of Shell’s remuneration committee, Sir Peter Job, who has been at the centre of the row over remuneration. Shell chief executive Jeroen van der Veer is on eight-figure remuneration – with a £1m bonus on top of his £9m salary. read more

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Investors angry over Shell bonuses

Now reports suggest institutional investors are calling for the head of Sir Peter, who waved through the payments, and for the board directors to return their windfalls.

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Shareholders revolt belatedly over excessive executive salaries and bonuses

Last week, oil giant Royal Dutch Shell experienced a humiliating defeat when 60 per cent of voters refused to accept its remuneration report at the annual shareholder meeting.

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Angry shareholders ambush the top pay bandwagon

Its managing director, Alan MacDougall, says that if Shell, for instance, fails to put its house in order, ministers will need to "rewrite the corporate governance rulebook" and make majority shareholder votes at annual meetings binding on management.

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Shell board told to pay back bonuses

The backlash against executive pay took a dramatic new turn this weekend when shareholder activists demanded that Royal Dutch Shell directors return their bonuses.

They also called for the resignation of Sir Peter Job, the former senior Reuters executive who chairs the energy multinational's remuneration committee.

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Battle of the bonuses targets a $100m boss

Jubb last week held Sir Peter Job, head of Shell's remuneration committee, to account over a decision to agree bonuses for top bosses, even though Shell had fallen short of its targets

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Wave of pay rows is an urgent wake-up call

Daily Telegraph 

By Mark Kleinman
Last Updated: 9:35PM BST 23 May 2009

As if boardroom recruiters weren’t already finding it difficult enough to land their catches, this year’s round of investor pay rows looks certain to add another category to the list of City pariahs: the chairmen of remuneration committees.

He may not boast the same notoriety as the Sir Fred Goodwins of this world, but Sir Peter Job, who heads the group that decides directors’ pay at Shell, knows what it is like to be on the receiving end of a barrage of shareholder criticism all the same. read more

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Shell bonus rebels want Job to go

May 24, 2009

Remuneration chairman under fire after bosses cash in despite poor performance

ANGRY investors in Royal Dutch Shell are this weekend calling for the head of Sir Peter Job, the director at the centre of last week’s embarrassing pay revolt at the oil group.

Shareholders think the removal of Job, former chief executive of news group Reuters, should be the first step in the shake-up of a boardroom criticised as being out of touch.

The changes are being demanded after a decision to pay £3.65m in bonuses to executives despite missing performance targets. As head of the remuneration committee, Job waved the payments through. read more

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Shell can be sure of pumping up volume of investor anger

May 23, 2009

Patrick Hosking

Institutional investors have a new bonus quandary to wrestle with: Sir Martin Sorrell’s proposed package of up to $95million is eye-catching for all the wrong reasons.

But first they need to draw a line under the separate pay row at Shell. To recap, the board overrode the formula previously agreed to decide top executive bonuses and exercised their discretion to make an award anyway, even though the management target was missed. Shareholders this week voted 59 per cent against the remuneration report, a resounding vote of no confidence in the board’s remuneration committee. read more

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Big shot: Investors left to wonder whether Sir Peter Job is man for the Job

But Sir Peter blundered into the minefield again as chairman of the remuneration committee at Royal Dutch Shell, which decided that performance targets previously set should be ignored and that some of the money should be paid regardless.

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Corporate barons must share the pain of the peasants

Financial Times

Published: May 22 2009 03:00 | Last updated: May 22 2009 03:00

From Mr Peter Taylor.

Sir, Your report on the Shell shareholders’ rebellion (May 20) signals, I hope, a long overdue re-alignment between shareholders and management.

Since similar revolts have shaken RBS, BP, Heineken and others, the corporate balance of power is surely shifting from the barons to the peasants. Now the key reform to achieve is a direct link between executives’ remuneration and the success of their business.

In particular, executives who hope for bonuses should first agree to share the pain as well as the gain. Here the model can be private equity, where managers have a significant amount of their own wealth tied up in the business. read more

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Executive pay at Royal Dutch Shell: Muck, brass and spleen

Economist.com

An oil giant’s shareholders flex their muscles

May 21st 2009

From The Economist print edition

MOST firms’ annual general meetings (AGMs) owe more to North Korea than ancient Greece. By long-standing tradition, bosses make platitudinous speeches, listen to lone dissidents with the air of psychiatric nurses towards patients and wait for their own proposals to be rubber-stamped by the proxy votes of obedient institutional investors. According to Manifest, a shareholder-advice firm, 97% of votes cast across Europe last year backed management. read more

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The origins of Shell’s communications failures

I have posted on YouTube (follow link below) a video which students of Shell’s descent to a position where their management is now held in derision and contempt not just by activists but also by the business world and by the community at large will I hope find useful. It dates back to 1996/7 when the degree of internal confusion about the company’s role in the world was visible to all of us in the company – wherever we were working.

This video (which I think is self-explanatory) is not a parody – it is for real. Essentially what it reveals is that those at the top had no understanding of reputation management and that they felt that a series of slick public claims about Shell’s raison d’être could wipe away the stains of years of selfish neglect. Remember this is now well over ten years ago – and since then things have got immeasurably worse. read more

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Dogged in pursuit of the fat-cats

The head of corporate governance at Standard Life since 1992, he has been doggedly consistent about discipline by boards on matters of pay - his complaints to Shell date back to 2003.

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Directors of pay policy ‘should face an annual ballot’

Shell said that it had already agreed to some changes in its pay arrangements before the defeat on Tuesday but would consider wider reforms.

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Shell: deep in the black stuff

John VidalPosted by Wednesday 20 May 2009 00.10 BST

Shell held a stormy annual meeting yesterday, but its problems are not confined to London. Next week, the company is on trial in New York, accused of complicity in human rights abuses – including the death of Ken Saro-Wiwa, a Nigerian environmental activist and author – and it also faces legal action in Holland over repeated oil spills. Meanwhile, fighting in the Niger delta is escalating, and the leading rebel group has declared all-out war on the company. Beleaguered Shell tried to pour oil on its troubled waters by saying that it has reduced its greenhouse emissions by all of 14% in 10 years. read more

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Shell remuneration committee under pressure to step down

Daily Telegraph

Sir Peter Job and the remuneration committee at Royal Dutch Shell are facing calls to step down. 

By Graham Ruddick
Last Updated: 10:14PM BST 20 May 2009

The calls were made after the oil major became the UK’s most high-profile victim of a shareholder revolt.

In the latest sign of increasing activism among institutional shareholders and anger at what are deemed excessive payouts, 59.4pc of shareholders rejected Shell’s remuneration report at a fiery annual general meeting on Tuesday.

It is the second time that Sir Peter, the chair of the remuneration committee, has been involved in a major dispute over pay. He was on the remuneration committee at GlaxoSmithKline when its pay package was voted down in 2003. read more

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Shell Starts Talks With Shareholders on Executive Pay Rejection

Shell awarded 78,889 shares to Van der Veer worth about 1.34 million euros ($1.8 million) while Chief Executive Officer- designate Peter Voser got 39,656 shares under the same program. Shell paid out shares worth 4.2 million euros to its five directors, David Williams, a spokesman based in The Hague, said in a phone interview today.

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Executive gravy train stalls

And what's slightly odd is that the non-executives on Shell's remuneration committee, the grandees who made the discretionary award to Shell's top execs, seem to have been unaware of the public mood.

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COLUMN-The Next incentive plan for Shell: Neil Collins

The unholy alliance between remuneration consultants, non-executive directors and company boards was dealt a bad blow this week, when the shareholders of Royal Dutch Shell (RDSa.L) voted against the company's executive pay rewards.

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Parliament offers Shell’s oil men a lesson on the expense of overpaying

Drill into it and the parallels are uncanny. On his watch, Michael Martin allowed the rules to be bent so far that a slick of oleaginous MPs took a liberty with their expenses. Roll on to Shell and up pops Sir Peter Job in the Speaker's role, trying to defend the indefensible over boardroom pay.

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.