PIRC Advises Shell Holders To Oppose CEO Pay Package -Report
May 20 2012 - 9:00AM
Dow Jones News
Shareholders of Royal Dutch Shell PLC (RDSB.LN) have been
advised to oppose the oil major's "excessive" executive pay, which
saw Chief Executive Peter Voser's total pay package double to more
than GBP10 million last year, The Sunday Telegraph reports, citing
a report from a U.K.-based independent shareholder advisory
body.
The Pensions and Investment Research Consultants, or PIRC, urged
its members to vote down the remuneration report at the firm's
annual general meeting Tuesday, the newspaper reports based on a
report authored by PIRC.
The "combined remuneration is excessive in the year under review
with the chief executive officer receiving annual incentive and
conditional long-term incentive plan awards worth 526% of salary,"
PIRC said.
Voser's base salary was GBP1.3 billion, but his pay package rose
to GBP4.5 million through annual bonuses and benefits. His total
compensation, including shares from the long-term plan, reached
GBP10.1 million, the newspaper reported.
Shell, which in 2009 lost a vote over its remuneration report,
is not thought to be expecting a revolt on that scale despite the
so-called "Shareholder Spring," the newspaper reports, without
citing sources.
A Shell spokesman told the Sunday Telegraph that the "2011
outcomes reflect what was a positive year for the company."
Website:
http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/9277342/Shell-latest-victim-of-pay-backlash.html
-By Alex MacDonald, Dow Jones Newswires; +44 (0)20 7842 9328;
alex.macdonald@dowjones.com
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