Shell CEO pay up 50% as soaring energy prices boosted profit
Demands have increased for oil and gas companies raking in huge profits to do more to reduce high energy costs that are hurting consumers and small businesses
Demands have increased for oil and gas companies raking in huge profits to do more to reduce high energy costs that are hurting consumers and small businesses. (File Photo) The pay package for Shell’s CEO jumped by half last year to nearly $12 million, the fossil fuel giant said on Thursday, as oil and gas companies made record profits from skyrocketing energy costs that have driven a cost-of-living crisis.
London-based Shell paid Ben van Beurden a total of 9.7 million pounds (USD 11.5 million) in 2022 as annual company profits doubled to an all-time high of USD 40 billion because Russia’s war in Ukraine sent oil and gas prices soaring.
Van Beurden’s pay includes a 2.6 million-pound bonus and 4.9 million pounds worth of stock, according to the company’s annual report.
Van Beurden stepped down at the end of last year and was replaced by Wael Sawan, who will be paid a base salary of 1.4 million pounds and a bonus that’s expected to be bigger than the salary, the report said.
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