February 10, 2010, 12:25 PM EST
By Fred Pals
Feb. 10 (Bloomberg) — Royal Dutch Shell Plcs Chief Executive Officer Peter Voser converted the maximum proportion of last years bonus into stock, reflecting his confidence in the long-term prospects of the companys shares.
Voser got 50 percent of his 2009 bonus, or the equivalent of 931,838 euros ($1.28 million), converted into 47,121 class-A shares, according to a company filing today to the Securities and Exchanges Commission, or SEC. Thats based on a closing share price of 19.775 euros on Feb. 5.
Shell, which competes with BP Plc as Europes biggest oil company, has underperformed its closest rival because of falling output and a greater exposure to refining where earnings have been depressed. Voser plans an additional 1,000 job cuts this year as well as cost savings of $1 billion. Shells class-A shares are up 3.9 percent in the past 12 months, lagging behind a 13 percent gain for BP.
The CEO has the option of being paid between 25 percent and 50 percent of his bonus in shares, Rainer Winzenried, a spokesman for The Hague-based Shell, said by telephone. The shares have a lock-up period of three years, Winzenried said.
The company said it would cut 2009 staff bonus payments from previously agreed levels because they dont reflect the overall competitive position, according to an internal Shell memo to staff shown to Bloomberg Feb. 4. Payments will be 12 percent lower, after the companys bonus scorecard was cut to 1.1 from 1.25, according to the memo.
Both Roles
Vosers bonus for last year covers the six months he served as chief financial officer and the rest of the year as CEO after succeeding Jeroen van der Veer in July. His total bonus for last year came to 1.86 million euros, up from 1.42 million euros in 2008. Vosers bonus increased, even after companywide bonus payments were cut, because it reflects the fact hes paid more as CEO.
Shells chief also received 227,560 Class-A shares under the companys long-term incentive plan. The final award can range from zero to two times the conditional award, depending on the companys performance over a period of at least three years, according to the filing.
Voser received a total compensation of $6.06 million in 2008, including $3.59 million in salary and bonus, according to Shells annual report. Overall numbers for 2009 will be released in March.
–Editors: Stephen Cunningham, Will Kennedy.
To contact the reporter on this story: Fred Pals in Amsterdam at +31-20-589-8563 or [email protected]
To contact the editor responsible for this story: Will Kennedy at +44-20-7073-3603 or [email protected]
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.
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.
