Shell boss Ben van Beurden criticized for reaping over £18m
Shell boss Ben van Beurden criticized for reaping over £18m ahead of potential shareholder rebellion
Shell boss Ben van Beurden has come under fire for reaping more than £18m ahead of a possible shareholder rebellion this week.
Calculations by The Mail on Sunday show the Dutch businessman, who has run Shell since 2014, has seen his share valuations and other payouts soar. The amounts far exceed his official pay package of £6.1m last year.
Rewards: Since the start of 2021, Ben van Beurden has seen the value of his shares rise by around £11.7m.
Since the start of 2021, Van Beurden has seen its share value rise by around £11.7m and will pocket over £800,000 in dividends, including the first quarter 2022 payout.
He has been criticized for profiting from the cost-of-living crisis and for his resistance to demands for a one-time ‘windfall tax’ to help households struggling with bills.
Robert Palmer, chief executive of Tax Justice UK, said it was “hard to justify these staggering amounts” when there is a cost of living crisis. “It will be hard to digest for ordinary people who are experiencing the biggest drop in their standard of living since the Queen’s coronation,” he added.
Howard Cox of the FairFuelUK campaign said: “What’s most disgusting to millions is that it’s not because of the incredible management skills of fat bosses, but because of lucky increases in the world price of oil.”
Investment adviser PIRC has urged Shell shareholders to vote against Van Beurden’s £6.1m ‘overpayment’ package for 2021 at Tuesday’s annual meeting in London.
A Shell spokesman said: ‘Of course we are well aware of the difficulties that high energy prices bring.
‘It’s painful for many people and a company like ours feels an obligation to help, and we do so where we can, with hardship provisions, paid holidays and other measures to help our customers.
“But the big contribution our company can make is to provide more and cleaner energy solutions and bring new supplies to the UK and therefore ease market conditions.”