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Shell boss bags 26% leap in annual pay package after COVID oil price recovery

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Shell boss bags 26% leap in annual pay package after COVID oil price recovery

Ben van Beurden took home 57 times more than the median Shell worker in 2021 but will be facing pressure to temper awards for the current year as surging oil and gas prices bring misery to households and business alike.

The chief executive of Shell’s pay package rose by 26% to €7.4bn (£6.2m) last year amid a recovery in oil prices from COVID crisis lows, according to the company’s annual report.

Ben van Beurden enjoyed the first increase in total awards since 2018 – a year when he took home €20m.

The 2021 package included a €2.6m annual bonus on top of his €2m salary. The rest comprised of long-term incentive payments.

The report showed that Mr van Beurden’s package was 57 times more than the median Shell worker received.

Last year saw oil prices climb steadily – recovering from a pandemic-induced collapse in demand that forced Shell to cut its dividend for the first time since World War Two after recording a $19.9bn loss.

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