Thursday 9 March 2017 10:06 am

Shell's chief executive Ben van Beurden's pay package soared in 2016

Ben van Beurden, the boss of oil major Shell, received a total pay package increase of 60 per cent in 2016.

Shell reported van Burden was paid €8.263m last year, up from €5.135m due to deferred bonuses and long-term incentive plans.

Although his salary didn't change much, rising only 2.1 per cent to €1.46m, and his bonus fell to €2.4m from €3.5m in 2015, the firm's long term incentive plan and deferred bonuses gave van Beurden's salary a boost of €4.381m, up from just €163,000 the previous year.

Shell also said from this year its directors will be rewarded depending on how well the company manages greenhouse gas emissions and how much free cashflow it generates.

Van Beurden said: "We are working to reshape Shell into a more focused and resilient company by capping our investments for the next few years, while continuing to drive down costs and to sell assets.

"The increased strength of our global gas business, combined with our other cash engines, should deliver rising free cash flow from around 2020.

"We revitalised Shell in 2016 and I am confident that 2017 will be another year of progress in building our world-class investment case."

Read more: Shell shares rise at the open as it maintains dividend

Shell also announced the appointment of Catherine Hughes and Roberto Setubal as non-executive directors, effective 1 June and 1 October, respectively.

Non-executive director Patricia Woertz, who was appointed in 2014, will resign at the company's 2017 annual general meeting.

Read more: Shell has revealed its plans to remove its Brent North Sea platforms