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October 29th, 2022:

Shell chief to receive compensation for loss of office

THE HERALD

Shell chief to receive compensation for loss of office

28 Oct 2022

THE outgoing chief executive of oil and gas giant Shell is to receive a year’s salary by way of compensation for loss of office.

Ben van Beurden will receive £1.42 million when he steps down at the end of this year, which is to be paid in six instalments. Shell said outstanding payments will be reduced by 50 per cent if he secures a paid position, excluding non-executive directorships, in that time.

The company also said that Mr van Beurden will continue to receive his base salary until the end June next year. The London-listed Anglo-Dutch energy giant said that a pro-rated annual bonus in relation to performance year 2023 will be determined by Shell’s remuneration committee after June next year.

It said 50% of any bonus awarded will be delivered in shares which are subject to a three-year holding period that remains in force after Mr van Beurden leaves Shell’s service.

Shell said the 2021 and 2022 long term incentive awards will be reduced to reflect the portion of the performance period that has elapsed to June next year. read more

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Shell’s outgoing CEO to get full-year salary as compensation for loss of office

Reuters

Shell’s outgoing CEO to get full-year salary as compensation for loss of office

Fri, October 28, 2022 at 11:44 AM

(Reuters) – Shell’s outgoing Chief Executive Ben van Beurden will get one-year base salary of 1.42 million pounds ($1.64 million) as compensation after leaving the position at the end of the year, the oil giant said on Friday.

The payment will be done in six equal monthly instalments between July 1 and Dec. 31, 2023.

The company said the outstanding payment for loss of office will be halved if van Beurden gets a paid position, excluding non-executive directorships, during the payment period.

Shell also said the Dutchman will continue to receive his base salary until June 30, 2023.

The company last month picked Wael Sawan to replace van Beurden, who is stepping down after nearly a decade at the helm and 40 years at Shell. read more

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.