Shell CEO’s pay rises 22pc in 2009; more job cuts
The pay of Royal Dutch Shell’s Chief Executive rose by 22pc during 2009 to US$4.4m, according to the company’s annual report published today.
Peter Voser (pictured), who was promoted to the CEO role in July 2009, had previously earned US$3.8m in 2008 in his capacity as the group’s chief financial officer.
Shell announced last month that it was freezing pay for its top executives until January 2011.
The move came following a shareholder revolt against executive remuneration at Shell’s AGM last May when shareholders voted against the company’s remuneration policy.
The energy group said at the time that Voser would be receiving a pay rise to reflect the fact that he had been promoted into the role during 2009, but said that his CEO salary was some 20pc lower than that paid to the previous CEO.
Meanwhile, Shell also today announced it is to cut a further 1,000 jobs by the end of 2011, following on from the 1,000 redundancies announced this year.