Shell’s chief executive Ben van Beurden got a whopping pay package of almost £9 million last year, according to documents published today.
The energy giant’s annual report showed its boss was paid 87 times more than the average Shell employee in the UK in 2019.
Mr van Beurden took home a base salary of £1.37m, an annual bonus of £705,000, and £6.3m from his long-term incentive plan (LTIP).
His total remuneration, including pension and tax equalisation, came to £8.7m, the Anglo-Dutch firm said.
That total is about £9m lower than in 2018, when he was paid 143 times more than THE average UK employee.
Mr van Beurden’s bonus went down by 73% and earnings from the LTIP were cut in half last year.
The CEO’s pay now aligns more closely with levels earned in 2017 and 2016, when he pocketed £7.8m and £7.6m.
In 2020, Mr van Beurden’s base salary will go up 2% to £1.4m.
The remuneration committee (Remco) said that Shell had continued to “transform” with a “clear purpose and well-defined strategic intents that balance societal progress with performance, to deliver higher returns”, under Mr van Beurden’s leadership.
Shell’s Remco also said the boss was “leading the way” in the energy transition debate, but that health and safety performance was “mixed”.
Seven people died while working for Shell in 2019, compared with two fatalities in 2018, according to the annual report.
“The fatalities in Shell-operated ventures in 2019 are unacceptable and provide a stark reminder of the need for an ongoing focus on safety,” the Remco said.