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Standard Life Slams Shell’s Board Over Remuneration Plans

THE WALL STREET JOURNAL

MAY 5, 2009, 12:19 P.M. ET

LONDON (Dow Jones)–Royal Dutch Shell PLC (RDSB.LN) investor Standard Life Investments Tuesday criticized the company’s remuneration committee over plans to pay executives a bonus despite failing to meet performance conditions.

“As a matter of principle we don’t support rewarding executives for achieving unchallenging performance conditions,” said Guy Jubb, head of corporate governance at Standard Life Investments, which is part of asset manager Standard Life PLC (SL.LN), in a statement.

“This is the second year in a row that the remuneration committee has used its discretion to reward the executives for below-average returns to shareholders, which raises serious questions about whose interests they are looking after. We have voted against Shell’s Remuneration Report for each of the last three years,” Jubb said.

Standard Life Investments is the fifth largest holder of Shell B shares with 1.92% of the float, and the 16th largest holder of A shares with 0.37%, according to FactSet data.

Company Web site: www.shell.com

-By James Herron, Dow Jones Newswires; +44 (0)20 7842 9317; [email protected]

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