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Sunday Telegraph: Shell backers push for plan to replace leader Ben van Beurden after historic cut to payout

Sunday Telegraph: Shell backers push for plan to replace leader Ben van Beurden after historic cut to payout

The oil giant earlier this week slashed its dividend for the first time since the Second World War

Shell faces calls from major investors to line-up potential successors to Ben van Beurden, the chief executive, after cutting its dividend for the first time since the Second World War.

The UK’s biggest dividend payer earlier this week told shareholders that their quarterly payouts would be cut for the first time since 1945, from 47 to 16 US cents a share, following the global plunge in oil prices due to the coronavirus crisis.

Two top 20 investors told The Sunday Telegraph that, while they understood why the company was forced to trim its dividend, it needs a clearer path into the future as the energy system moves away from fossil fuels.

One shareholder said it was time to think about the “changing of the guard” as the company faces a new era….

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