Shell shareholders rebel over chief executive’s pay
A total of 25.2% of investors rejected Shell’s remuneration report.
Royal Dutch Shell has seen a quarter of investors vote against boss Ben van Beurden’s bumper pay packet at the energy giant’s annual meeting.
A total of 25.2% of shareholders rejected Shell’s remuneration report, which included an 8.9 million euro (£7.8 million) package for the chief executive last year.
Mr van Beurden’s award, which was up 3.7% on the prior year, came as Shell profits bounced back during a period of extreme volatility in the sector, which was triggered by plunging oil prices.
Shell said in a statement following the meeting: “We also note that a number of shareholders voted against this year’s report.
“We respect the range of opinions that shareholders have and acknowledge the resources they can access to exercise their stewardship.
“We will continue to engage constructively with our shareholders to reflect carefully on any feedback we receive from them and would particularly welcome the opportunity to work with proxy advisers more closely in the future, to better serve shareholder needs.”
The oil titan also pointed out that the 2016 remuneration policy was passed by 92% of investors, and described its approach to remuneration as “appropriate”.
One of the factors behind the rebellion was investor unease at Shell’s handling of an accident in Pakistan where 200 people were killed in a tanker explosion.
The result will see Shell placed on a public register of firms in which more than 20% of shareholders have revolted over a resolution.