Obermatt Independent Compensation Opinion
May 2009
Opinion
While Royal Dutch Shell declared outperformance in all previous five years (orange bars), indexed performance based on EBITDA never reached peer levels (blue bars). From an indexed (relative) performance point of view, there is no justification for outperformance compensation, especially not for the large increases in salary levels. Quite the contrary the analysis shows that the bonus should be below target.
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