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Shell shareholders vote down board’s pay

Daily Telegraph: Royal Dutch Shell has had its remuneration package voted down after a fiery annual general meeting.

By Graham Ruddick
The board of Royal Dutch Shell during a stockholders meeting in The Hague, with (L-R) CFO Peter Voser, CEO Jeroen van der Veer and Chairman of the Board Jorma Ollilla.     

The board of Royal Dutch Shell during a stockholders meeting in The Hague, with (L-R) CFO Peter Voser, CEO Jeroen van der Veer and Chairman of the Board Jorma Ollilla.

 

A total of 59pc of shareholders voted against the pay deal at meetings in the Hague and London, which saw the board criticised by a number of angry investors. A number of paper votes are still to be counted but they are unlikely to change the outcome of the vote.

Shareholders accused the oil giant’s board of board of being in “cloud cuckoo land” after some bonuses were paid despite the company missing its target of finishing third in a group of five rival businesses.

Jorma Ollila, the chairman, said: “We as a board take the outcome seriously and will reflect carefully upon it.”

The voting down of a major company’s remuneration deal is rare, although earlier this year housebuilder Bellway’s was also rejected for the level of pay and bonuses awarded to the board despite a torrid period in the housing market.

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