Shell shareholders approve CEO Ben van Beurden's pay but reject emissions target proposal at annual general meeting

 
Shruti Tripathi Chopra
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A total of 93.2 per cent of Shell shareholders approved the directors' remuneration report (Source: Getty)

A 60 per cent increase in Royal Dutch Shell boss Ben van Beurden's pay received little opposition at the oil and gas giant's annual general meeting today.

A total of 93.2 per cent of Shell shareholders approved the directors' remuneration report while 92.3 per cent voted in favour of its future remuneration policy.

Last week, investors in Shell’s rival BP approved an $11.6m (£9m) pay package for chief executive Bob Dudley after the oil major cut his pay in response to a shareholder revolt last year.

Shareholders at BP’s AGM also approved a new remuneration policy that will decrease performance incentives by millions. Dudley’s pay was decreased by 40 per cent after nearly 60 per cent of shareholders voted against a pay rise in 2015 amid the company’s reports of record losses.

Read more: BP shareholders approve chief exec pay and new remuneration policy

Royal Dutch Shell shareholders also unanimously rejected a proposal by environmental group Follow This which urged the oil giant to publish annual targets to reduce carbon emissions.

"The resolution is an unreasonable ask," said Van Beurden.

Earlier this month, Royal Dutch Shell revealed its first quarter profit more than doubled.

Net income attributable to shareholders increased 142 per cent to $3.75bn (£2.92bn), compared with a company-provided analysts' consensus of $3.05bn.

Cash flows from operating activities rose 1,338 per cent to $9.5bn, higher than analyst forecasts, enabling Shell to reduce debt and cover its cash dividend for the third consecutive quarter.

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