ROYAL Dutch Shell Chief Executive Ben van Beurden got a €24.2m (£17.2m) pay package last year, in spite of the sharp fall in oil prices.
The annual report of the oil and gas giant shows the Dutch executive earned €5.6m in pay, bonus, benefits and share awards during 2014, after taking over from Peter Voser in January last year.
The report covers a year in which Shell announced plans to shed 250 posts from its North Sea operation.
Shell made $14.8 billion (£9.8bn) profit after tax during the year, compared with $16.4bn in the preceding year.
Mr van Beurden's total remuneration included €10.7m in respect of pensions. The report states: "As a result of Ben van Beurden's promotion to CEO, his pension benefit under the Dutch defined benefit plan increased in value in 2014."
Mr van Beurden will receive a pension based on the final salary he earns at retirement. The charge reflects the expected increase in the value of his pension entitlement following his promotion from being head of the company's refining and marketing arm.
The company settled a €7.9m tax charge related to Mr van Beurden's pension, which arose as a result of him relocating from London to Holland to take up his new job.
"This is our standard mobility policy and the CEO did not benefit from any special treatment," the report states.
The High Pay Centre think tank said the 2014 package made Mr van Beurden the second-highest-paid senior executive on the FTSE 100 share index after WPP chief executive Martin Sorrell, whose 2013 pay package reached £29.8m.
"Van Beurden is doing quite well at a time when the oil price is going down," said Deborah Hargreaves, High Pay Centre director.
BP said this month Chief Executive Bob Dudley's total compensation rose by more than 20 percent to $12.74m in 2014.
Mr Van Beurden's prior year salary was not disclosed.
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