Peter Voser, Shell’s chief executive, was last year awarded a bonus of 3.75m exactly the same amount that so infuriated investors in 2009
Julia Finch: Tuesday 15 March 2011 20.54 GMT
Shell chief executive Peter Voser’s pay for 2010 totalled 5.4m. Photograph: Guido Benschop/AFP/Getty Images
Less than two years ago, nearly 60% of Shell shareholders voted down the oil group’s plans to award millions of pounds of shares to executives, even though performance targets had been missed that should have reduced the payouts to zero. The chairman of the group’s remuneration committee was forced to step down and, as it tried to rebuild bridges with angry shareholders, the company froze salaries last year.
Obviously, to borrow the words of Barclays‘ Bob Diamond, the time for remorse is over. The annual report sent to shareholders shows that Peter Voser, Shell’s chief executive, was last year awarded a bonus of 3.75m exactly the same amount that so infuriated investors in 2009. Together with his salary and other perks, Voser’s pay totalled 5.4m and he received another boost with a 740,000 payout from a deferred bonus scheme and a £1.4m share option payout.
The new bonuses relate to a year when Shell’s profits doubled to $18.6bn, but that increase was largely on the back of higher oil prices, and the results were still below City expectations.
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