Mar 14, 2019

Shell chief’s pay more than doubles to €20m in 2018

Ben van Beurden, the chief executive of Royal Dutch Shell, received a bumper 126 per cent pay rise for 2018, taking his total remuneration to €20.14m. The increase, from €8.9m in 2017, is largely due to a big share-based payout from the company's long-term incentive plan. Luke Hildyard, director of the High Pay Centre, a UK think-tank, said Shell "Epitomises the flawed governance model and warped corporate culture of modern big business". Gerard Kleisterlee, head of Shell's remuneration committee, said in the company's annual report that the people who agreed the rise were "Sensitive to the wider societal discussions regarding the level of executive pay and spent a significant amount of time discussing the high single figure for the CEO in 2018". Shell announced last year that it would yield to pressure from shareholders who had been pushing it to take more action on climate change and link executive pay to targets to cut carbon emissions from its operations from 2020. This new condition, which will also be dependent on Shell expanding its power business and developing systems to capture and absorb carbon, will apply to all executive directors, members of Shell's executive committee and 150 senior executives.

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