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Royal Dutch Shell freezes pay of three senior directors

London Evening Standard

16.02.10

Shell today bowed to shareholder anger over its senior staff pay by announcing it was freezing the salaries of its three top directors this year.

Chief executive Peter Voser and chief financial officer Simon Henry, whose salaries are 20 per cent lower than previous pay for their positions, will not get a rise until 2011. The international exploration boss, Malcolm Brinded, will also be affected by the freeze.

Shell also said it was preventing bonuses from rising this year and told shareholders of its decision. Last May, shareholders owning almost 60 per cent of the business voted against directors’ pay deals.

It said the new pay policies “demonstrate appropriate restraint in the current economic environment” and increased the alignment between executive and shareholder interests. Shell said the changes had been made after detailed negotiations with major shareholders.

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