Shell's annual report showed that Ben van Beurden's pay jumped from 6.3 million in 2021, with the 2022 figure including a 2.6 million annual bonus and a 4.9 million long-term shares award on top of his 1.4 million annual salary. Van Beurdens total remuneration for 2020 was 5.8 million euros ($6.93 million), compared with about 10 million euros the year before, the company disclosed in its annual report on Thursday. "At this point in time [the cash] comes from our legacy business," he said. His property inWassenaar, the Netherlands, was said to have cost him 3.3million at the time, and reportedly had a lawn like a 'billiard table', a sauna, marble floors and a pond. "You can't divest from the world. Van Beurden was paid 57 times more than the median Shell worker in 2021, according to the companys annual report. The firm has profited so much from rising prices that it will hand 6.5billion to shareholders and potentially even more later this year. As a subscriber, you have 10 gift articles to give each month. The secret mine that hid the Nazis' stolen treasure. Bernardus Cornelis Adriana Margriet van Beurden climbed up the ladder after joining Shell from university in 1983. VideoThe secret mine that hid the Nazis' stolen treasure, LGBT troops take love for Eurovision to front line, Why an Indian comedian is challenging fake news rules. "We will be disciplined and value focused, as we work with our customers and partners to deliver the reliable, affordable and cleaner energy the world needs.". They have made this money because Russia invaded Ukraine.. He attended a state banquet for the Mexican president at Buckingham Palace in 2015, one for the King and Queen of the Netherlands in 2018 and another the next year for US President Donald Trump. Opposition lawmakers in Britain have called for an expanded tax on the windfall profits of oil and gas firms to provide more help for households struggling to afford expensive utility bills. Read Ben van Beurden's acceptance speech on his personal journey to purpose here. According to The Guardian, Shell's CEO pays more than doubles to 17.2m. The petrol stations closures have prompted a $400m writedown on assets. It's much better to engage with companies and use your influence as a shareholder. Trump motion to declare mistrial in E. Jean Carroll lawsuit denied, Tornado hits Virginia Beach, likely damaging hundreds of homes, Transgender Montana lawmaker Zooey Zephyr sues over censure, Debt ceiling standoff heats up over veterans' programs, Texas man who lost wife and son in shooting shares story, NYPD officer Troy Patterson dies 33 years after being shot in robbery, Supreme Court to hear case that could curb power of federal agencies, The weirdest items passengers leave behind in Ubers. Analysts said the appointment of Mr. Sawan, a dual citizen of Lebanon and Canada who grew up in Dubai, was unlikely to herald revolution at Shell. Supervisory Board Mercedes-Benz Group AG - Shareholder Representative. He has held a number of operational and commercial The ability of Mr. van Beurden, who is Dutch, to navigate in the European political and cultural environment in which Shell must operate may be missed. After graduating from Delft University with a degree in chemical engineering, Ben joined Shell in 1983. 2023 BBC. This material may not be published, broadcast, rewritten, or redistributed. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Our Standards: The Thomson Reuters Trust Principles. VideoThe secret mine that hid the Nazis' stolen treasure, LGBT troops take love for Eurovision to front line, Why an Indian comedian is challenging fake news rules. Read about our approach to external linking. The boss of oil giant Shell has insisted it can transition to net zero by 2050, but it will need the cash from its oil and gas business to pay for it. Before that he received 10m in 2019 and 20m in 2018, a record if excluding 2014 when pension calculations inflated his reported salary. Exclusive news, data and analytics for financial market professionals, Reporting by Ron Bousso Editing by Jason Neely and Mark Potter, As oil output peaks, US Gulf of Mexico makes room for carbon capture, Oil drops 1% as economic growth concerns offset OPEC+ cuts, U.S. April oil exports top forecasts on Chinese demand, Enbridge acquires gas storage facility in British Columbia for $295 million, IMF lauds 'quick and orderly resolution' of First Republic by US regulators, FDIC sees merits of increasing backstop for business accounts, IMF's Georgieva says more vulnerabilities in banking sector may be exposed. His bonus rose from 2.2m in 2021 to 2.6m in 2022. Read the speech 'Embracing Evolution' here. 2023 The Associated Press. UK firms forced to show how they will hit net zero, More than 20,000 Russians dead in Bakhmut, US says, France May Day protests leave dozens of police injured, Fighter jets are roaring over my home in Sudan. He seemed to enjoy sessions with journalists and was willing to engage with even harsh critics. A spokesman for Shell said the chief executive's pay package is 'considered the appropriate quantum for running a group of Shell's scale and complexity'. In 2015, shortly after becoming chief executive, Mr. Beurden led one of the largest industry takeovers in years, the acquisition of BG, a British oil and gas company that was a major player in L.N.G., for $70 billion. 2023 CNBC LLC. There is growing clamour on the part of many pension fund trustees and their scheme members to dump or divest shares in fossil fuel businesses to starve them of capital. "These things can only be done if you have a facility (like Pernis) to work with and if you have the cash. I hope the big shareholders can sleep well knowing millions are struggling just to pay to heat their homes or fill their tanks to drive to work and medical appointments.. UK firms forced to show how they will hit net zero, More than 20,000 Russians dead in Bakhmut, US says, France May Day protests leave dozens of police injured, Fighter jets are roaring over my home in Sudan. All rights reserved. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". The outgoing CEO oversaw Shell's biggest acquisition in decades with the $53 billion purchase of rival BG Group in 2016, guided the company through a historic collapse in energy demand as a result of the coronavirus pandemic, and faced intensifying investor pressure to slash the firm's greenhouse gas emissions. "Ben can look back with great pride on an. 'It is outrageous that oil and gas bosses are raking in millions in bonuses while families struggle to heat their homes,' he said. Most populous nation: Should India rejoice or panic? As adviser to the Board, I am supporting Shell to deliver on our Powering Progress strategy that sets out to provide the energy the world needs today while building the energy system of the future. LONDON, Feb 10 (Reuters) - Shell (SHEL.L) Chief Executive Officer Ben van Beurden on Feb. 7 sold 3.9 million pounds ($5.2 million) worth of the energy company's shares, a company filing showed. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. It is completely unfair at a time when the Conservative government is choosing to put people's energy bills up. That reliance needs to be managed down over time according to Mr van Beurden otherwise we will see price shocks in the future that will be counterproductive. Mortgage fee structure 2023: Here's how it's changing, King Charles III's net worth and where his wealth comes from, California bill that would hit oil profits gets stuck in the political mud, 4 oil companies had total sales of $1 trillion last year, Oil giants rake in record profits as energy prices remain high. He is a smart, principled and dynamic leader, who I know will continue to serve Shell with conviction and dedication," he added. Shell intends to appeal that court judgement. LONDON (Reuters) - Royal Dutch Shell Chief Executive Ben van Beurdens pay package dropped by 42% to $7 million in 2020, a year in which the coronavirus pandemic pushed the energy company to a historic dividend cut following a collapse in profits. Read about our approach to external linking. During the last decade, he has been in the vanguard for the transition of Shell to a net-zero emissions energy business by 2050 and has become a leading industry voice . He joined Shell in 1983, after graduating with a Master's Degree in Chemical Engineering from Delft University of Technology in the Netherlands. This year, fueled by record profits as oil and gas prices have risen and with Shells staff reduced by job cuts, the company will pay out close to $30 billion in dividends and stock buybacks to shareholders, Mr. Borkhataria estimates. Shell boss Ben van Beurden talks to BBC News exclusively about its transition to net zero. Additional reporting by Indranil Sarkar in Bengaluru; Editing by Bernard Orr and Edmund Blair. `, "If you want to destroy the faith by driving up energy prices, by creating shortages or market failures, I think politicians are going to lose societal acceptance that this is actually doable.". Mackenzie will also likely lead the search in the coming years for a successor to van Beurden. read more. If you divest, you lose that influence," said Sandy Boss, head of investment stewardship. , updated Shell, Europe's largest oil company, said on Thursday that Ben van Beurden, who has served as chief executive since 2014, would step down at the end of the year . Chief Executive Officer Ben van Beurden responded by slashing spending and cutting Shell's dividend for the first time since World War II. Ben van Beurden was paid 57 times more than median Shell worker, according to oil firms annual report. He added: 'We fully appreciate the difficulties that the cost-of-living crisis is causing many people across the world. Ben van Beurden has served as Shells chief executive since 2014. has also been in the forefront among oil industry chief executives, suffered a bitter blow last year when a court, Afterward, Mr. van Beurden led a move of the companys, less than a year ago, Third Point, a major hedge fund. 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Demand for oil, the companys core product, dropped almost a third in April, and the price of West Texas Intermediate briefly dipped into negative numbers for the first time. Legal Statement. He will also be paid moving costs and a housing allowance for two years after relocating from the Netherlands to London at the companys request. "If we have to build a hydrogen plant from a wind farm that we build in the North Sea for a billion dollars that is not going to be funded by a hydrogen business - it will be funded by the oil and gas business," he said. By Ben van Beurden On Jun 8, 2021 Should a court single out an energy company to reduce its carbon emissions? In his nine years as CEO, Ben van Beurden has dealt with some of the biggest challenges any business could face: COVID-19, Russia's invasion of Ukraine, setting Shell on a path to net-zero carbon emissions. That demand can be influenced by government carrot or stick, companies can be squeezed by financiers but consumer behaviour will ultimately determine whether the world can hit net zero by 2050. Mr. van Beurden also took flak during the pandemic for slashing Shells dividend for the first time since World War II, as oil and gas prices plummeted. Luke Hildyard, a director of the High Pay Centre, a campaign group, said: Shells chief executive rakes in millions and half their UK employees make well over 100,000. Shell's market capitalisation is around 155 billion pounds ($210 billion). "In fact, they will be increasing emissions until 2030, and still be producing significant amounts of emissions in 2050," she says.
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