Shell chief executive Ben van Beurden took home nearly £18 million in pay last year as a reward for spearheading the energy giant’s “transformation”.
Mr van Beurden’s total pay package, including bonuses and pension, came to £17.8m, about £10m more than in 2017.
His base salary increased by 2.5% to £1.3m and he earned £2.6m in bonuses. The rest was largely made up of long-term incentive awards.
The figures were presented in the Anglo-Dutch firm’s annual report for 2018.
Shell’s financial performance was strong during the 12 months, as revenues jumped 27% to £295 billion, while pre-tax profits came to £27bn, nearly double 2017’s total.
Gerard Kleisterlee, chairman of Shell’s remuneration committee, said the company had “acted carefully in managing pay” over the course of Mr Beurden’s service.
Mr Kleisterlee also said the committee was “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.
He said Shell had achieved a lot under the leadership of Mr van Beurden over the last three years.
For example, it completed the acquisition of BG Group, divested £22.5bn worth of assets, made several major investment decisions and created a new energies business.
Mr Kleisterlee also said Mr van Beurden had led the way in the energy transition debate.
In December, Shell revealed plans to link pay for its top brass to the achievement of emissions targets.
More to follow.