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The scandal of Corporate bonuses, and why they continue:

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Screen Shot 2014-01-03 at 14.32.05Extract from an informative article by former Royal Dutch Shell senior executive, Paddy Briggs, published 27 Feb 2014

Seven-figure bonuses are common across the corporate world – at the very top of course! Here, for example, is what “The Guardian” reported about the remuneration of Peter Voser the then top man in Shell just under a year ago:

“Royal Dutch Shell Chief executive Peter Voser received a €3.3m (£2.8m) cash bonus in 2012, a year in which the Anglo-Dutch oil group reported a fall in profits from $28.6bn to $27bn. The bonus took his total salary package to €5.1m, down from €5.2m the previous year.”

Mr Voser has since left the Shell top job and is generally regarded as having been a pretty poor Chief Executive. But then at Shell, as in the City, payment by results seems not to be the order of the day. The “bonus” comes as a matter of right even if the profits fall.

FULL ARTICLE

Paddy Briggs worked for the Oil Company Shell for 37 years, retiring in 2002 to pursue other interests. He is now a writer, journalist and blogger – specialising in sport, politics, the Arts, pensions and his professional business subject of brand and reputation management. Paddy was, for four years, one of two pensioner-elected trustees of the £13 billion Shell Contributory Pension Fund.

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