Wijers says Shell has learnt pay lesson
By Richard Milne and Michael Steen in Amsterdam
Published: February 7 2010 23:07
Royal Dutch Shell, the oil company that suffered a humiliating defeat by shareholders on pay last year, made a mistake by under-estimating how fast the mood on executive salaries was changing, according to the new head of its remuneration committee.
In his first comments in his new role, Hans Wijers, chief executive of paint company Akzo Nobel and a former Dutch economics minister, said the Anglo-Dutch oil major had failed to see how tensions over bankers pay had increased investors concerns about executive pay.
The force of the rebellion left Shell directors shocked in spite of a previous revolt against pay the year before. Jorma Ollila, chairman, vowed not to make the same mistake again and to reform its pay policy.
Copyright The Financial Times Limited 2010.
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