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Shell CEO showered with €9.9M package for 2012

Screen Shot 2013-02-03 at 10.49.23By John Donovan: Based on the MarketWatch/Dow Jones report published today (see below), I calculate that Shell’s scandal-tainted fat cat CEO, Peter Voser, will receive a package worth almost €10 million for 2012, three times as much as the CEO of BP.  Voser is the bean-counting, corner-cutter, who sent Shell’s rustbucket drilling fleet on a hapless voyage to the Arctic, plagued by a series of incidents, ending in a PR disaster that may have sunk its Arctic ambitions. The fiasco ironically took place after Voser ruthlessly put the boot into BP

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By Sarah Kent: March 14, 2013, 5:06 a.m. EDT

LONDON–Royal Dutch Shell PLC awarded its chief executive Peter Voser a cash bonus of EUR3.3 million ($4.3 million) on top of an annual salary of EUR1.6 million and other benefits, taking his total remuneration in 2012 to EUR5.1 million, the company’s annual report showed Thursday.

Mr. Voser received more than double the remuneration of the Chief Executive of the other major U.K.-listed oil company, BP PLC’s (BP.LN) Bob Dudley, who received salary, cash bonus and other benefits worth $2.7 million in 2012, according to its annual report.

Mr. Voser’s pay package fell 2% compared to 2011, after the company awarded him a slightly smaller cash bonus. Shell said it awards bonuses based on a scorecard that assesses the company’s performance in a number of categories, including its success in hitting targets for net cash flow from operating activities, operational excellence and sustainability performance.

In 2012, Shell said the company met or exceeded almost all targets, but hydrocarbon production of 3.26 million barrels a day was substantially short of its goal, the report said.

Mr. Voser also received a conditional award of shares with a face value of three-times his salary under Shell’s long-term incentive plan, which rewards executives based on the company’s performance relative to its peers over a three-year period.

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