SHELL’s former Chief Executive Officer, Ben van Beurden, received total remuneration of GBP 9.698 million ($11.995 million) in 2022, according to the company’s latest annual report.
The figure comprised a GBP 1.420 million salary, GBP 490,000 in taxable benefits, a GBP 284,000 pension contribution, an annual bonus of GBP 2.590 million, and long-term incentive plan earnings of GBP 4.914 million, the report revealed.
In 2021, van Beurden’s total remuneration figure came in at GBP 6.344 million ($8.728 million). This was made up of a salary of GBP 1.365 million, taxable benefits of GBP 15,000, a pension contribution of GBP 346,000, an annual bonus of GBP 2.201 million, and long-term incentive plan earnings of GBP 2.418 million, the report showed.
Back in September last year, Shell revealed that van Beurden would step down as the company’s Chief Executive Officer at the end of 2022 and continue working as an adviser to the board until 30th June 2023. Wael Sawan replaced van Beurden, effective 1st January 2023.
In Shell’s latest annual report, Andrew Mackenzie, Shell’s Chair, said, “in his years at the head of Shell, Ben achieved many great things”.
“In 2016, he made Shell’s largest-ever acquisition buying BG, he led us through the pandemic and the global financial turmoil that followed, and he led the historic move of our headquarters to London. He took the swift decision to start the process of pulling Shell out of Russia,” he added.
“We are grateful to Ben for his leadership through some of the most difficult challenges any CEO could face,” Mackenzie continued.
Also in the report, Sawan noted that during van Beurden’s time as CEO, he “transformed Shell into a much stronger company and set us on the path to net-zero emissions”.
“I am grateful to Ben for his work and for what he has handed over to me,” he added.
In its latest annual statement, Shell reported an income attributable to Shell shareholders of $42.3 billion for 2022. In 2021, this figure stood at $20.1 billion, and in 2020, Shell reported an annual loss attributable to Shell shareholders of $21.6 billion.
The company’s net debt dropped from $75.3 billion in 2020 to $52.5 billion in 2021 and $44.8 billion in 2022, the report shows.
By Andreas Exarheas|Rigzone Staff
To contact the author, email andreas.exarheas@rigzone.com