In an outburst reminiscent of the most heated arguments over "fat cat" pay, one aggrieved shareholder at Royal Dutch Shell's annual meeting on Tuesday bellowed: "I find this bonus culture repulsive and I beg people to vote against it." The Anglo-Dutch oil giant went on to suffer a severe dressing down when nearly half of its voting shareholders failed to back a plan to pay one-off retention bonus- es of stock worth up to 1m (£801,000) to three of its executives to entice them not to quit their jobs before 2011.
Retention Bonus
Heated argument at Shell AGM over “fat cat” retention bonuses
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Shell’s “Golden Handcuffs” plan: Former Shell Exec Paddy Briggs, calls for the resignation of Shell Director Sir Peter Job
The bonuses are designed to keep the three executives (Malcolm Brinded, Linda Cook and Peter Voser) in the company, but, Job assured us, they are all uber-loyal to Shell and have no intention of leaving. Hmmm! Work that one out!
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