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Shake-up at Shell after pay backlash

FINANCIAL TIMES

By Kate Burgess

Published: September 11 2009 20:34 | Last updated: September 11 2009 20:34

EXTRACTS

Royal Dutch Shell has unveiled a big boardroom shake-up and the departure of Sir Peter Job, the head of its remuneration committee, as the company moved to placate top shareholders angered by excessive executive pay.

Ructions with investors came to a head in May at the annual shareholder meeting when 59 per cent of them voted against Shell’s remuneration report. They were protesting at the board’s decision to use discretionary powers to pay bonuses to five senior directors even though the group had failed to meet set targets.

These changes follow a big restructuring plan announced in July by Peter Voser, the new chief executive, designed to simplify Shell’s structure, reduce bureaucracy and improve efficiency. This month, Mr Voser extended plans to cut jobs amid continued pressure to control costs following a big capital spending programme, rising debts and falls in oil and gas prices.

Copyright The Financial Times Limited 2009

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