Shell adapts executive pay packages

Tuesday 16 February 2010

Oil giant Shell is adapting its senior executive pay structure, including a freeze on salaries and limit on bonuses, following pressure from shareholders.

Last year Shell shareholders rejected the company's bonus plan which would have involved payouts to board members who 'almost' met their targets.

The new set-up involves a pay freeze for CEO Peter Voser and CFO Simon Henry until January 2011. Bonuses will, in future, only be paid if senior staff actually achieve targets.

Hans Wijers, chairman of the Shell renumeration committee and CEO of chemicals group Akzo Nobel said in a letter to shareholders the new pay structure showed 'appropriate restraint in the current economic conditions'.

© DutchNews.nl

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