Oil giant Royal Dutch Shell is set to suffer a backlash from shareholders over executive pay, including a £9.4 million package for its boss.
Chief executive Peter Voser took home 11.7 million euros last year – more than double the amount he earned in 2010 – after lucrative long-term incentive plans paid out.
20 May 2012
He earned 5.2 million euros (£4.2 million) in annual salary and bonus awards, which was slightly down on the previous year, but his total pay was boosted by 6.5 million euros (£5.2 million) from long-term rewards plans.
Shareholder body Pirc advised clients to vote against the company’s remuneration report at its annual meeting on Tuesday after branding its pay “excessive”.
Although salaries have effectively been frozen since 2009, it said they are still at the high end of its UK peer group and will see increases of between 3% and 5% in 2012. read more
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Falling energy prices have left its mark on Royal Dutch Shell after a weaker-than-expected profits performance drove a big fall in its share price.
