Shell CEO takes pay cut in 2020 for the second straight year

Mar 11th, 2021
by John Donovan.

Shell CEO takes pay cut in 2020 for the second straight year

By Reuters Staff: MARCH 11, 2021: 8.30 am

 

March 11 (Reuters) – Royal Dutch Shell’s Chief Executive Ben van Beurden pay package nearly halved in 2020, a year in which the oil major’s profit tumbled because of low oil prices and the COVID-19 pandemic.

Van Beurden, who became CEO in 2014, oversaw sharp growth in Shell’s oil and gas output following the 2016 acquisition of BG Group for $53 billion.

But an unprecedented hit to the energy sector last year, knocked oil prices into negative territory for the first time in history, and forced major players to cut dividend payouts and management pay to weather the storm.

Royal Dutch’s profit tumbled to a two-decade low last year. In 2019, Van Beurden’s remuneration had also dropped by 51%.

Van Beurden’s total remuneration for 2020 was 5.8 million euros ($6.93 million), compared with about 10 million euros the year before, the company disclosed in its annual report here on Thursday.

On Thursday, the oil major also separately announced that former BHP CEO Andrew Mackenzie would become its next chairman to succeed Charles Holliday, who will step down on May 18 after being in the role for six years. ($1 = 0.8375 euros)

(Reporting by Indranil Sarkar in Bengaluru; Editing by Uttaresh.V, Bernard Orr)

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Posted in: Alternative Energy, Ben van Beurden, BG Group, COVID-19, Environment, Gas, Oil, Oil Prices, Reuters, Royal Dutch Shell, Royal Dutch Shell Plc, Shell, Shell Energy, Sir Andrew Mackenzie.
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