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Pay tide turns at Shell

Financial Times

By Robin Harding, Louise Lucas, and Paul Betts

Published: February 17 2010 00:12

Let them eat cake. Following last year’s shareholder revolt at Royal Dutch Shell, the oil major has recalibrated executive pay. Basic salaries will be frozen for 18 months, to January 2011.

Executives can put up to half their annual bonus into the plan, half of which in turn will be matched at varying levels by Shell if it ranks in the top three. If the oil group ranks first among its peers, executives will receive double those shares – in short, half their annual bonus again. The underpinning concept, meantime, of ranking against a small peer group – over time, everyone gets a look-in at the top – remains flawed.

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