Posts Tagged executives
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.
There should be a global pay cap.
No man is worth a $1,000,000 salary!
I don’t care who he is, what he does, how long he was at university, how much money he saves or makes for a company, no man is worth a $1,000,000 salary, nor additional bonuses and expenses.
To pay any man more than this is an obscene slap in the face to the people who work for a living, the people who make it possible for these overpaid CEOs, bankers, stockbrokers, shareholders and politicians to earn their money. Any man earning more than this is a traitor to humanity, a slaver; any man found to be earning more than that should be tried for treason and hung, no appeals, no clemency.
Public ‘want top pay reined in
Few people believe that top bosses should be paid more than £1m a year, according to a survey.
The ICM poll of 2,000 adults also found two-thirds wanted wider representation from staff on remuneration committees.
It was commissioned by the High Pay Centre, an independent pressure group which monitors executive pay.
The findings come as Royal Bank of Scotland chief executive Stephen Hester faces continuing pressure to turn down a bonus of £1m in shares.
Sir Philip Hampton, who is chairman of the mainly publicly-owned bank, has given up a £1.4m shares reward he was due in February.
The poll found just 7% of respondents supported pay above £1m a year and 70% were in favour of “binding powers” for shareholders to block pay packages for top executives.
Deborah Hargreaves of the High Pay Centre called for changes to restore trust in business.
“Top executive pay and the behaviour of business are issues at the heart of the current public debate about how we rebuild our economy,” she said.
“Our polling shows the public do not believe executives, even of the biggest companies, should be awarded multi-million-pound pay packages.
“It is time for boardrooms to wake up to what is fair and act now to rebuild public trust.”
She called for “bold action” to end the disparity between what top executives and average workers earned.
The poll, from a random sample of 2,003 adults, also revealed that only 1% of respondents said senior bosses were worth the £4m currently earned at the very top.
Ms Hargreaves added: “The public are squarely behind the case for reform. People want to see rewards based on fairness.
Source: BBC News Read more
I am certain the 1% mentioned above, were or had relatives in that pay bracket.
But one thing for sure, is that more and more people are becoming dissatisfied with things they way they are.
That is why we have Occupy Wall Street, the people are not happy!
Things will change, and when they do it will be bloody and violent.