Shell CEO pay up 50% as soaring energy prices boosted profit

Authored by and submitted by oliverkloezoff
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FILE - CEO of Royal Dutch Shell Ben van Beurden speaks at a meeting with Russian President Vladimir Putin in Moscow, Russia, Wednesday, June 21, 2017. Shell paid outgoing Chief Executive Ben van Beurden a total of 9.7 million pounds ($11.5 million) in 2022 as the London-based fossil fuel company's profits doubled to a record high of $40 billion in 2022 on soaring oil and gas prices. (Sergei Karpukhin/Pool Photo via AP, File)

LONDON (AP) — The pay package for Shell’s CEO jumped by half last year to nearly $12 million, the fossil fuel giant said Thursday, as oil and gas companies made record profits from skyrocketing energy costs that have driven a cost-of-living crisis.

London-based Shell paid Ben van Beurden a total of 9.7 million pounds ($11.5 million) in 2022 as annual company profits doubled to an all-time high of $40 billion because Russia’s war in Ukraine sent oil and gas prices soaring .

Van Beurden’s pay includes a 2.6 million-pound bonus and 4.9 million pounds worth of stock, according to the company’s annual report.

Van Beurden stepped down at the end of last year and was replaced by Wael Sawan, who will be paid a base salary of 1.4 million pounds and a bonus that’s expected to be bigger than the salary, the report said.

Demands have increased for oil and gas companies raking in huge profits to do more to reduce high energy costs that are hurting consumers and small businesses.

Opposition lawmakers in Britain have called for an expanded tax on the windfall profits of oil and gas firms to provide more help for households struggling to afford expensive utility bills .

ChiefInternetSurfer on March 9th, 2023 at 14:33 UTC »

I wish we had a law that stated CEOs and other C suite could only make 50x maximum your lowest paid employee. It’s still an obscene amount of money, but it would also incentivize the greediest of the greedy to increase pay for the folks at the bottom.

MadnessBomber on March 9th, 2023 at 13:54 UTC »

Fuck you you sack of rotten shit. You could raise wages and help your workers and instead you're just rolling in money like a pig rolling around in mud. When you and your kind end up in Hell I hope the Devil gives you the absolute worst kind of torture possible.

KnudsonRegime on March 9th, 2023 at 13:30 UTC »

It’s ridiculous that the big three oil companies owe over $1.5 trillion in deferred taxes. The US carried it as a deficit and it reduces the amount of money for National Parks and Forests.