MARCH 16, 2010
LONDONRoyal Dutch Shell PLC’s Chief Executive Peter Voser’s earnings rose 22% in 2009 to $4.4 million, according to the company’s annual report Tuesday.
Mr. Voser, who became CEO in July 2009, earned $3.6 million in 2008 while serving as the company’s chief financial officer. The earnings include Mr. Voser’s salary and performance bonus.
Shell proposed in February changes to how it pays its executive directors in an attempt to assuage concerns that led shareholders to reject its remuneration package last year.
“In my view, the most significant of these changes are that we have committed not to use upward discretion on share awards without prior consultation with major shareholders, we have updated the metrics for the incentive plans and we have ended the practice of free matching shares in our deferred bonus plan,” said Hans Wijers, chairman of the Shell’s remuneration committee, in a letter to shareholders.
James Herron contributed to this article.