Shareholders vow to fight on to prevent payouts
Monday, 25 May 2009
Angry investors are demanding that Shell pays back millions of pounds of bonuses set to be awarded to the oil giants most senior executives payments in defiance of a vote at the companys 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 Shells 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.
The fury about Shell came as the Royal Bank of Scotland, now majority owned by the UK taxpayer, revealed that four senior staff are eligible for share windfalls of £5m, including a package of £2.4m for Ellen Alemany, the head of the banks US business. Alan Dickinson and Chris Sullivan, heads of corporate banking division are also in line for large bonuses.
RBS, bruised by the high-profile fights over former chief executive Sir Fred Goodwins £700,000 per year pension, emphasised that the rewards were subject to stringent targets. Such targets were, according to major shareholders, missed at Shell, where more than 59 per cent of shareholders voted against the remuneration report at the transnationals AGM last week.
This is itself a highly unusual event, but the companys management immediately raised the stakes by responding that it would merely take the vote into account.
That is not good enough for some. Abigail Herron, speaking for Co-operative Asset management commented: Legally, Shell can do what it wants on this one, but on moral grounds, the bonuses should be paid back to shareholders.
Alan MacDougall, managing director of investor activist group Piric, added: Jobs was chairman of the committee that decided to use its discretion toaward these bonuses, so he must carry the can? Shell is another example of how executive pay and performance are so often misaligned. A number of fund mangers said Sir Peter should quit.
Shell said after last weeks AGM vote that it would reflect carefully on the result and had introduced additional performance measures for future awards. The recession has embittered along-running debate on executive pay, especially at larger corporates and those in financial services.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
