Shell suffers embarrassing shareholder rebellion over executive pay
Bonus awarded to outgoing chief executive Peter Voser prompts 8% of shareholders to vote against remuneration policy
Shell suffered an embarrassing 10% shareholder rebellion against its executive pay report on Tuesday.
Almost 8% of the investor base voted against the company’s remuneration policy, which handed its outgoing chief executive Peter Voser a €3.3m (£2.8m) cash bonus in a year when profits dropped by $1.6bn (£1.05bn) to $27bn.
A further 2% of investors abstained from the vote at Shell’s annual meeting in The Hague.
The bonus took Voser’s total salary package to €5.1m, down from €5.2m the previous year, although this is still more than double the $2.7m package given to BP boss Bob Dudley last year. Dudley received no bonus as the company continues to deal with the consequences of the Gulf of Mexico oil spill.
At the meeting, Voser refused to comment on the European commission investigation into claims oil companies have been rigging the price of oil and petrol for more than a decade.
If the company makes a loss, then there is no way in hell the executives involved should receive a bonus.
They should be jailed for incompetence.
Or better yet, have the losses recovered from their salaries.