“The peer group of four companies that Shell uses to benchmark its long-term incentive plans (L-tips) is too narrow and we remain concerned about the overly generous senior management pension plans.”
However, Royal London, which owns nearly £1bn of shares in Shell, said it acknowledged that the company had notched up several successes, including the completion of its £35bn takeover of BG.
Mr van Beurden stands to take home a salary of £1.4m, bonus of £3.5m, and pension of £441,000 for 2015. He also received shares worth £9.7m, which vest in three years if he hits a series of targets.
Pensions & Investment Research Consultants (Pirc), and Glass Lewis, two influential advisory groups, also oppose the pay proposal.
However, Institutional Shareholder Services, another major shareholder advisory group, has recommended members approve it.
A spokesman for Shell said: “Shell’s executive compensation reflects delivery of our strategy, measured by both short-term and long-term targets. There is a clear alignment between the company’s performance and our compensation policies.”
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