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Shell chief to receive compensation for loss of office

THE HERALD

Shell chief to receive compensation for loss of office

THE outgoing chief executive of oil and gas giant Shell is to receive a year’s salary by way of compensation for loss of office.

Ben van Beurden will receive £1.42 million when he steps down at the end of this year, which is to be paid in six instalments. Shell said outstanding payments will be reduced by 50 per cent if he secures a paid position, excluding non-executive directorships, in that time.

The company also said that Mr van Beurden will continue to receive his base salary until the end June next year. The London-listed Anglo-Dutch energy giant said that a pro-rated annual bonus in relation to performance year 2023 will be determined by Shell’s remuneration committee after June next year.

Shell said the 2021 and 2022 long term incentive awards will be reduced to reflect the portion of the performance period that has elapsed to June next year.

It added that no new long term incentive award will be made for 2023. In terms of pension, Mr van Beurden will continue to receive his pension cash allowance until June next year.

His Dutch pension will commence payment at age 68, unless Mr van Beurden chooses to take early retirement, as permitted under the Dutch pension rules.

Medical insurance benefits will continue until June 2023, and benefit provisions will apply in respect of tax return assistance and security provision, Shell said.

Mr van Beurden has worked for Shell since 1983and has been chief executive since 2014. He is to be succeeded by Wael Sawan, the company’s head of integrated gas, renewables and energy solutions.

Shares in Shell closed at 2,418.5p, dipping 0.27%, or 6.5p.

SOURCE

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