Shell’s execs get bumper pay awards

Marion Dakers
SHELL’S record profits led to bumper pay-outs for its top staff last year, its annual report showed yesterday.

The company beat eight of its 14 performance targets, thanks to the soaring price of oil that pushed up its profits 54 per cent to £18bn, allowing it to “increase… the overall remuneration quantum” for the year.

Chief executive Peter Voser was paid a total of €11.66m (£9.27m). This includes €5.2m in earnings, some of which he took in the form of deferred shares, plus the vesting of €6.45m in long-term share awards from 2008 and 2009.

Voser was also awarded a further 191,000 Class A share awards during the year, which have a potential value of €7.85m, and has options on 230,000 Class B shares.

Exploration and production director Malcolm Brinded received a total of €11.38m, made up of a salary of €1.18m, a €2m bonus and vested shares worth more than €8m.

Brinded is also due to be awarded a severance payment of €2.5m, equivalent to a year’s salary and bonus, when he leaves the firm in April.

Finance director Simon Henry was awarded a total of €3.74m.

Brinded received 116,300 Class B long-term share awards, worth approximately £4.17m at the end of 2011, while Henry got 88,100, worth £3.16m.

Shell’s oil leaks and spills rose last year to 207, it also revealed.

The company said it could raise production by 25 per cent in the next six years, with some of the growth expected to come from controversial shale gas.