Shell Risks Criticim As Chief Executive Receives £7.9m Pay Package

By Will Lane via Wikimedia Commons

Ben van Beurden, the chief executive of Shell, took home a massive pay package amounting to €8.9 million (£7.9 million) last year, as the oil giant cashed in on the recovering prices of oil.

The oil giant risked new criticism over the massive payout, after a row with investors in 2017.

The investors said that the long-term incentives of the Dutch chief executive were disproportionate as compared with his peers.

According to the annual report of the group, Van Beurden received an annual bonus amounting to €3 million in 2017 on top of his salary of €1.49 million. The chief executive also received €4.02 million worth of long-term incentives and bonuses.

BP, the rival of Shell, took an axe to the pay of its executive in 2017 to head off an uprising from shareholders.

The oil company capped the maximum bonus payout that Bob Dudley,  its chief executive, could be able to receive at 2.25 times his base salary.

The profits of Shell more than trebled in 2017 as the prices of oil were able to recover from a low of less than $30 per barrel in January 2016.