Shell stumps up £850,000 to pay ex-boss for housing loss

 
Michael Bow
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OIL giant Royal Dutch Shell has bought the house of one of its ex-directors and paid him €992,199 (£853,022) in compensation for the cash he lost on the sale in a unique severance package.

Former executive board member Malcolm Brinded, who left the company in April 2012, bought the property in Holland for €3.38m in 2002 after Shell told him to buy a house in the country when he relocated to work there.

But when Brinded came to sell up bids were below the price he had paid – forcing Shell to buy the house back off him for €2.38m and pay him the difference.

The generous deal is likely to stoke further concerns about Shell’s pay practices, which prompted a shareholder backlash last year when votes against executive pay rose to nine per cent at its annual meeting.

Shell said: “Malcolm Brinded had a most distinguished career over many years and made an important contribution.”

The house will now be allocated to Shell’s property portfolio.