Shell CEO’s pay rise amid record profits

LONDON (AP) — The pay package for Shell’s chief executive rose to nearly $12 million last summer, the fossil fuel giant said Thursday, as oil and gas companies posted record profits for the soaring energy costs causing 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 the company’s annual profits doubled to a record high of 40 billion dollars because Russia’s war in Ukraine had driven up oil and gas prices. .

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

Van Beurden resigned at the end of last year and was replaced by Wael Sawan, who will receive a base salary of £1.4million and a bonus which is expected to exceed salary, according to the report.

Demands have grown for high-profit oil and gas companies to do more to reduce high energy costs that hurt consumers and small businesses.

UK opposition lawmakers have called for a tax increase on oil and gas companies’ windfall profits to further help families struggling to pay expensive utility bills.