Shell’s CEO takes a pay cut

Royal Dutch Shell CEO’s total direct remuneration for 2015 took a hit together with the company’s profit, according to Shell’s annual report issued on Thursday.

The report reveals that Ben van Beurden, who took over as Shell’s CEO in 2014, received €5,135 million ($5.63 million) or 8 percent lower total direct remuneration, compared to the year before.

The report also reveals that van Beurden’s total salary package, including pension and tax equalisation, was at €5.576 million ($6.19 million). The drop from €24.198 million ($32.158 million) in 2014, was due to a fact that, with the promotion to the CEO position, van Beurden received €18.6 in one-offs, €10.695 of which went into his pension.

Shell revealed in the annual report that the drop in CEO’s salary was mostly due to the low oil prices, that have seen the company’s profit drop 87 percent in 2015.

In comparison, despite a $6.5 billion company net loss for 2015, BP’s CEO Bob Dudley had a 20 percent rise in remuneration to $19.6 million.

Additionally, compared to any Shell CEO in the recent several year, van Beurden has the lowest remuneration.

At the end of January, Shell-BG merger priced at $50 billion, got the shareholders’ approval creating an LNG colossus with an expected 44 mtpa equity LNG capacity in 2018 and a fleet of around 70 liquefied natural gas carriers.

LNG World News Staff