The boss of Shell has received a pay package of almost £20million for a year in which the oil price slumped and the group cut jobs in the UK. The figure is expected to spark a backlash from shareholders…
The oil major (up 25p at 1961p) admitted that the sum handed to Ben van Beurden was ‘unusually high’.
It makes him the second-highest paid boss in the FTSE 100 behind WPP’s Sir Martin Sorrell, who regularly faces protests from investors over his rewards.
The oil price, which has halved since last summer, is only considered where it affects Shell’s financial performance, while the company previously announced last year it could cut up to 250 jobs in Aberdeen.
Van Beurden received £4.5million in basic pay and bonus, with the largest chunk of his package – some £8.6million – coming from a top-up to his pension.
Another £6.4million was to settle a tax payment with the UK Government after van Beurden moved to the Netherlands following his promotion to the role of chief executive.
The figure, which is expected to spark a backlash from shareholders, comes only weeks after fellow explorer BG Group was embroiled in a major pay dispute with its investors.
The company, which is a former arm of British Gas, had wanted to pay its new chief executive, Norwegian Helge Lund, a £25million pay package that included £12.5million simply for joining the firm.
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