Dec 3, 2018
Royal Dutch Shell ties executive pay to carbon reduction
Energy giant Royal Dutch Shell is to set carbon emission targets and link them to its executive pay. The firm is still in talks with investors over the precise figures over carbon targets and what percentage of pay might be affected, but it is estimated that as many as 1,300 high-level employees could be employed. Shell aims to set three- to five-year targets every year which will include specific net carbon footprint targets. Last year, shareholders criticised Shell for last year setting long-term "Ambitions" to halve its emissions of carbon dioxide by 2050, which lacked binding targets. Shell has now signed a joint statement with a group of 310 investors with more than $32 trillion of assets under management, dubbed Climate Action 100+. "We are taking important steps towards turning our Net Carbon Footprint ambition into reality by setting shorter-term targets," said Shell boss Ben van Beurden.
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