Shell exec pay up as growth plan revealed

Marion Dakers
OIL giant Shell laid out ambitious production growth goals yesterday, as it revealed bumper 2010 bonuses for its top executives.

Shell said it aims to invest $100bn (£62.4bn) in new projects over the next four years, to help boost production by 12 per cent to 3.7m barrels of oil per day by 2014.

The firm said it is scoping out more than 30 new projects with potential for more than 1m barrels per day each to try and keep up with surging demand for fuel.

The firm said its asset disposals will continue this year, with up to $5bn of assets for sale.

Chief executive Peter Voser made €5.5m (£4.75m) in cash, bonuses and benefits last year, up from €3.16m in 2009 when he took the top job.

His €3.75m bonus was more than double that of 2009, when a shareholder rebellion forced a pay freeze.

Head of upstream Malcolm Brinded saw his overall pay rise by a third to €5.05m.

The firm’s “scorecard” for executive director bonuses showed that all targets apart from sustainable development, which counts towards 10 per cent of performance-related pay, were met in 2010.

“Overall this update is as the market would have anticipated...2011 is a ‘transition year’ for Shell ahead of project delivery in 2012 and beyond, “ said BNP Paribas analysts in a note.

Shell’s A-class shares lost 0.9 per cent in London trading yesterday.