Extract 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.
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.