ROYAL Dutch Shell chief executive Ben van Beurden has seen the value of his pay package surge 11 per cent to £7.8 million last year after the company doubled profits helped by rising oil prices.
The oil and gas giant’s annual report shows Mr van Beurden’s salary increased by three per cent in euro terms to €1.49 million in 2017, from €1.46 in the preceding year.
His bonus increased by 25% to €3m from €2.4m.
The total value of other elements of the pay package including long term incentives fell to €4.4m from €4.7m.
The package increased by four per cent in euro terms to €8.9m. Mr van Beurden is paid in euros.
Gerard Kleisterlee, chair of Shell’s remuneration committee, said: “2017 was a transformative year, one in which Shell delivered on a number of fronts.”
He noted the very strong leadership Mr van Beurden had provided regarding Shell’s position on the
energy transition, along with his overall performance.
However, on the subject of long term incentive awards , Mr Kleisterlee added: “While 2017 was a year of strong financial performance for Shell, over the longer-term performance relative to the other oil majors has been mixed.”
The company made $15.8bn profit on a current cost of supplies basis in 2017 net of one-offs, up 120 per cent from $7.2bn last time.
It has been investing heavily in developing fields West of Shetland with BP.
Last month Mr van Beurden told reporters: “We remain committed to the UK, we remain committed to the North Sea and we see more opportunities to grow .”
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