Shell CEO takes large pay cut after bruising 2020

THE HAGUE (REUTERS) – Royal Dutch Shell’s chief executive Ben van Beurden pay package nearly halved in 2020, a year in which the oil major’s profit tumbled because of low oil prices and the Covid-19 pandemic.

Mr Van Beurden, who became CEO in 2014, oversaw sharp growth in Shell’s oil and gas output following the 2016 acquisition of BG Group for US$53 billion.

But an unprecedented hit to the energy sector last year, knocked oil prices into negative territory for the first time in history, and forced major players to cut dividend payouts and management pay to weather the storm.

Royal Dutch’s profit tumbled to a two-decade low last year.

In 2019, Mr Van Beurden’s remuneration had also dropped by 51 per cent.

His total remuneration for 2020 was 5.8 million euros (S$9.29 million), compared with about 10 million euros the year before, the company disclosed in its annual report on Thursday.

The oil major also separately announced that former BHP CEO Andrew Mackenzie would become its next chairman to succeed Charles Holliday, who will step down on May 18 after being in the role for six years.

More on this topic

Join ST’s Telegram channel here and get the latest breaking news delivered to you.

Source: Read Full Article