Shell CEO paid 50% more as rising energy prices boosted profits

FILE – Royal Dutch Shell CEO Ben van Beurden speaks during 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 (11.5 million dollars). 2022, when the London-based fossil fuel company’s profits doubled to a record $40 billion in 2022 on soaring oil and gas prices. (Sergei Karpukhin/Pool Photo via AP, file)

LONDON – The salary package for Shell’s CEO has increased by half to nearly $12 million last year, the fossil-fuel giant said on Thursday Oil and gas companies made record profits from skyrocketing energy costs leading to a cost of living crisis.

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

Van Beurden’s salary includes a £2.6m bonus and £4.9m worth of shares, according to the company’s annual report.

Van Beurden resigned late last year and was replaced by Wael Sawan, who will receive a base salary of £1.4million and a bonus expected to be higher than salary, the report said.

The demands on oil and gas companies making huge profits have increased do more to reduce high energy costs that harm consumers and small businesses.

Opposition lawmakers in Britain have called for an expanded tax on windfall profits from oil and gas companies in a bid to provide more aid Households struggling to afford expensive utility bills. Shell CEO paid 50% more as rising energy prices boosted profits

Sarah Y. Kim

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