May 13, 2018

Shell faces new revolt as chief’s €9m pay stirs investor concern

Royal Dutch Shell is facing the threat of a shareholder rebellion against its chief executive's €9m annual pay packet, piling further pressure on the energy group which was already braced for a clash with investors this month over climate change. Total shareholder returns from Shell have underperformed the broader Euronext 100 index in recent years and the group is battling to pay down $66bn of debt after acquiring BG Group in 2016. A top-20 shareholder told the Financial Times that it planned to vote against Shell's pay report because of "Questionable" performance on investor returns. Shell has promised to return $25bn through share buybacks by 2020 but Jessica Uhl, chief financial officer, disappointed some investors by failing to set a clear timetable for commencing the programme after announcing first-quarter results last month. Shell was already facing a revolt from activist shareholders at its May 22 annual meeting over the contribution of the company's products to climate change.

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