THE BOSS OF SHELL: PAID DOUBLE IN 2018 AND POCKETS 20 MILLION EUROS
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| originaldailynews.com |
PETROLE: Compensation of Chief Executive Officer is 143 times the median pay of group employees in the UK.
It is a nice little surplus value. Last year, Ben Van Beurden, The Chief Executive of Royal Dutch Shell, received a more than double remuneration, more than 20 million Euros; at a time when the oil giant is reaping very comfortable profits, according to the annual report of the group.
He received a total of 20.138 million Euros in 2018, according to data released on Thursday by Shell, in its annual report. Within this package, the salary of the big boss remained more or less stable, 1.5 million Euros, just like the amount provisioned for his pension, 369,000 Euros. However, his variable compensation, which constitutes the bulk of his total one, has more than doubled, with an amount of 18.2 million Euros, thanks to more payments received in Shell shares.
Management has Anticipated Criticism
The CEO's compensation is 143 times the median pay of the group's UK employees. Yet, Shell anticipated criticism. Its Compensation Committee, which sets the payroll for the group's top executives, confirmed that they spent a lot of time discussing the CEO's compensation in 2018 since the level of executive compensation is a sensitive matter to discuss in society.
Nevertheless, he justified this amount by pointing out that: in the last three years, the CEO's impulse was ‘decisive’ in building and implementing the group's strategy, which generated $ 23.4 billion in net profit last year, against the backdrop of rising crude prices.
It’s noteworthy, over the past three years, Shell has completed the giant acquisition of the gas group, BG; selling $ 30 billion of assets deemed non-strategic. Indeed, it was invested in several major production projects, particularly in the Gulf of Mexico and Canada. It also boosted its presence in renewable energy and electricity generation, listed the committee.