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Shell shareholders to vote on pay

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Screen Shot 2016-05-12 at 11.17.55BOSSES at Royal Dutch Shell will face shareholders at the group’s annual general meeting tomorrow amid concern over the chief executive’s “unacceptable” £4million pay deal.

Investors have been urged to vote against the firm’s remuneration report in protest at Ben van Beurden’s pay for 2015, even though it marked a significant reduction from the £18.6million he was paid in 2014 in the wake of plunging profits.

Shell’s latest annual report revealed boss Mr van Beurden’s total pay for last year was £4.3million – a 77 per cent fall on 2014 after the tumbling cost of crude took its toll on the group.

But shareholder advisory firm Pirc said he still earned 37 times the average employee’s pay, which it branded as “unacceptable”. Pirc added that Mr van Beurden’s maximum annual bonus and potential rewards under the longterm shares scheme were also “excessive”, at 245 per cent of salary and 680 per cent of salary respectively.

Shell, which completed its £36.1billion takeover of gas rival BG Group in February, saw annual earnings tumble to £2.6billion in 2015, from £13billion in 2014.

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