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Shell latest victim of pay backlash

Shareholders in Royal Dutch Shell have been advised to oppose the oil giant’s “excessive” executive pay, which saw chief executive Peter Voser’s total remuneration double to more than £10m last year.

Emily Gosden By 7:15PM BST 19 May 2012

Pensions and Investment Research Consultants (Pirc) urged its members to vote down the remuneration report at the firm’s annual meeting on Tuesday.

In the report, a copy of which has been seen by The Sunday Telegraph, Pirc argued: “Combined remuneration is excessive in the year under review with the chief executive officer receiving annual incentive and conditional long-term incentive plan (LTIP) awards worth 526pc of salary.”

Mr Voser’s base salary was £1.3m, but his pay package rose to £4.5m through annual bonuses and benefits. With shares from long-term plans included, total compensation reached £10.1m.

Shell, which in 2009 lost a vote over its remuneration report, is not thought to be expecting a revolt on that scale, despite the so-called “Shareholder Spring”.

A Shell spokesman said its “2011 outcomes reflect what was a positive year for the company”.

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