Shell CEO’s 2019 pay halves after fatalities, revenue fall

Canada

FILE PHOTO: Chief Executive Officer of Royal Dutch Shell Ben van Beurden attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia June 7, 2019. REUTERS/Maxim Shemetov/File Photo

LONDON (Reuters) – Royal Dutch Shell (RDSa.L) Chief Executive Ben van Beurden’s pay package halved last year to 10 million euros ($11.3 million) after the energy company suffered seven deaths and saw a drop in revenue.

Van Beurden, who became CEO in 2014, oversaw a sharp growth in Shell’s oil and gas output following the 2016 acquisition of BG Group for $53 billion.

But in January, the Anglo-Dutch company was forced to rein in its vast $25 billion share buyback programme amid a drop in oil and gas prices and sliding global demand for fuels and petrochemicals.

Shell said in its annual report that van Beurden’s remuneration dropped by 51% last year compared with 2018, due in part to seven fatalities the company had last year.

That compared with two deaths in 2018.

The lower pay “also reflected on the challenging 2019 performance, partly driven by difficult macroeconomic conditions, related to lower cash flow, operational challenges and safety.”

Oil and gas production last year came in 2.53% below target due to operational issues and delays in bringing new projects on stream. Liquefied natural gas (LNG) volumes were 2.2% below target.

The remuneration includes a base salary of 1.56 million euros, an annual bonus of 800,000 euros and 7.2 million euros in long-term incentive plans.

Reporting by Ron Bousso; editing by Jason Neely and Mark Potter

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