Times Online
May 19, 2009
Shell investors vote down directors’ pay deals
Catherine Boyle, Robin Pagnamenta
Directors of Shell suffered a resounding defeat today as shareholders revolted against their pay packages.
There were gasps at the annual meeting when investors holding about 60 per cent of the shares in the company voted against the oil group’s pay policy in one of the biggest victories for shareholders on a corporate governance issue.
Jorma Ollila, the chairman of Shell, said: We are taking this very seriously and we will be meeting with shareholders to take the right decisions.”
Under a three-year incentive scheme agreed in 2005, directors would have earned up to 200 per cent of their salaries in shares if the company had outperformed three of its peers. However, even though Shell ended in fourth place, directors decided to exercise their discretion and allow some of the award. read more
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