LONDON – Royal Dutch Shell PLC (RDSB.LN) shareholders showed their ire over high executive pay with nearly 10% of investors rejecting the company’s remuneration report at Shell’s annual general meeting Tuesday.
Just over 90% of Shell shareholders approved the company’s pay package following an assembly in which several investors gave a withering assessment of current rates of executive remuneration.
Martin Simons, who said he has been a Shell shareholder for 50 years, bemoaned the Anglo-Dutch firm’s top managers getting a 59% pay rise at a time when dividends have remained static. Chief Executive Peter Voser’s pay package more than doubled last year, taking into account bonuses and share incentives.
“Pay inflation in these times isn’t appropriate. Companies should pay higher dividends instead,” said Simons.
Copyright © 2012 Dow Jones Newswires
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