Shell CEO's 2020 Pay Package Drops 42% to $7M

Ron Bousso and Indranil Sarkar
Thursday, March 11, 2021

Royal Dutch Shell Chief Executive Ben van Beurden's 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.

Van Beurden, who initially oversaw growth in Shell's oil and gas output after taking office in 2014, is now leading the Anglo-Dutch company through a shift towards low-carbon energy in an effort to slash greenhouse gas emissions by 2050.

The unprecedented hit to the energy sector last year due to the pandemic, which briefly knocked benchmark U.S. oil prices into negative territory, forced Shell to cut its dividend for the first time since World War Two.

As global demand for oil and gas plunged last year, Shell's profit tumbled to a two-decade low while its shares hit their lowest since the 1990s.

Van Beurden's 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.

In 2019, Van Beurden’s remuneration had also dropped by 51%.

The oil major announced on Thursday that former BHP Chief Executive Andrew Mackenzie would become its next chairman to succeed Charles Holliday, who steps down on May 18 after being in the role for six years.

Mackenzie will also likely lead the search in the coming years for a successor to van Beurden.

($1 = 0.8375 euros)

 (Additional reporting by Indranil Sarkar in Bengaluru; Editing by Bernard Orr and Edmund Blair)

Categories: Energy People Industry News Activity People & Company News

Related Stories

CDWE Wraps Up Pin Pile Installation Job for Taiwanese Offshore Wind Farm

Valeura Concludes Eight-Well Drilling Campaign in Gulf of Thailand

Keyfield Ventures into Indonesia’s Oil and Gas Market with New Partner

Velesto’s Jack-Up Rig Set for Drilling Job off Indonesia

Mubadala Energy Open to Sell Andaman Gas for Domestic Use

Indonesia's Medco Starts Production at Natuna Sea Fields

ADNOC’s XRG Partners Up with Petronas for Offshore Gas Block in Caspian Sea

Valeura Energy Greenlights Wassana Oil Field Redevelopment off Thailand

SLB Names Raman CSO, CMO

Malaysia's Petronas Plans Job Cuts

Current News

CDWE Wraps Up Pin Pile Installation Job for Taiwanese Offshore Wind Farm

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

Azeri SOCAR Plans New Agreements with Oil and Gas Majors

TPAO, SOCAR and BP to Ink Caspian Sea Oil and Gas Production Deal

Fugro Lands Deepwater Gas Field Job in Southeast Asia

OMV Exits Ghasha Gas Project off UAE with Lukoil Stake Sale

China's Sinopec Laucnhes $690M Hydrogen Venture Capital Funds

CIP, ACEN Partner Up for First Large-Scale Offshore Wind Farm in Philippines

Valeura Concludes Eight-Well Drilling Campaign in Gulf of Thailand

Three Dead in Chevron's Angolan Oil Patform Fire

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com