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Shell revolt over ‘golden handcuff’ bonuses

Shell revolt over ‘golden handcuff’ bonuses

Royal Dutch Shell has suffered a humiliating shareholder revolt at its annual meeting over a ‘golden handcuffs’ executive share award.

Investors controlling nearly half the shares either opposed or withheld their votes on plans to give almost £2m of shares to three directors. 


The shares, equivalent to a year’s salary, went to finance director Peter Voser and executives Malcolm Brinded and Linda Cook.

The idea is to ensure those who miss out on the post of chief executive are incentivised to stay. Current boss Jeroen van der Veer is due to retire next year, and Shell has said it is likely to appoint an internal candidate to replace him.

Many shareholders are sceptical about the merits of paying directors bonuses to stay. The Association of British Insurers said the dissent should make firms think twice in the future.

But non-executive director Sir Peter Job said: ‘We are entering into a schedule of change at the top and saw this as the right thing to do.’

Shell ‘A’ shares slid 43p to 2,141p.


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• Separately, BP’s offices in Moscow were raided for a second time as part of an ongoing espionage investigation by the Russian authorities.


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