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Shell boss Peter Voser set to earn £16m

Screen Shot 2014-01-03 at 14.32.05Shell boss Peter Voser set to earn £16m as he steps down from oil giant to enjoy ‘change in lifestyle’

Screen Shot 2013-11-01 at 09.33.02

PUBLISHED: 22:26, 2 January 2014 

Departing Shell boss Peter Voser stands to earn around £16million from his last 15 months running the oil giant and a series of bonus schemes due to pay out after he leaves.

Voser, who retires at the end of March, will not receive any compensation for loss of office, having surprised the markets by stepping down earlier this year to pursue a ‘change in lifestyle’.

But existing pay deals for 2013 and the first three months of 2014 are due to net him £5.2million, while deferred bonuses from previous years are worth around £1.7million.

Long-term incentive schemes awarded over several years will continue to pay out after he leaves, with three separate schemes worth up to a combined £9million at yesterday’s share price.

These bonus plans could be worth much less if Shell does not meet performance targets, but could also be worth more if the company’s share price increases.

The Swiss executive also had 426,000 shares as of March last year, worth £11million at current prices, and a pension pot with a total transfer value of nearly £15million as of the end of 2012.

Details of Voser’s pay arrangements emerged as Shell cemented its position as a world leader in liquefied natural gas (LNG) with the £2.5billion purchase of assets from Spanish rival Repsol.

Shell (down 7.5p to 2155.5p) bought Repsol’s LNG assets in Peru and Trinidad & Tobago, while it will also take on £1billion liability for ship charters, increasing shipping capacity in the process.

The deal will increase Shell’s LNG production capacity from 22 million tonnes per year (mtpa) to 26mtpa.

Shell is expected to follow the deal with asset sales, with its stake in Australia’s Woodside Petroleum and onshore assets in Nigeria set to be on the block.

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