London Daily

Focus on the big picture.
Saturday, Jul 19, 2025

Former Shell boss Ben van Beurden's pay package jumps to £9.7m

Former Shell boss Ben van Beurden's pay package jumps to £9.7m

Former Shell boss Ben van Beurden received a pay package of £9.7m last year, up more than 50% from 2021.
His pay was revealed in the oil and gas giant's annual report and accounts.

Shell reported the highest annual profits in its 115-year history last year after a surge in energy prices following Russia's invasion of Ukraine.

Massive profits made by energy firms have added to pressure to tax them more as households struggle with rising energy bills.

Shell made a record $39.9bn (£32.2bn) profit in 2022, double the previous year's total.

When its results came out in February, opposition parties said the company's profits were "outrageous" and that the government was letting energy firms "off the hook" on taxation.

In 2021, Mr van Beurden was paid the equivalent of £6.3m - he was paid in euros because Shell had yet to move its headquarters from the Netherlands to Britain.

He was replaced on 1 January this year by Wael Sawan, the former head of Shell's gas and renewables business.

The annual report said Mr Sawan was appointed on a salary of £1.4m, although performance-related payments can often add to the overall pay package considerably. Mr van Beurden's salary was £1.4m in 2022.

Mr van Beurden's pay package was criticised by human rights and environment charity Global Witness.

"It's a sign of just how broken our energy system is that Shell and other fossil fuel companies have made record-breaking profits from an energy crisis that's forcing families to choose between heating their homes and putting food on the table," said Alice Harrison, fossil fuels campaign leader at Global Witness.

"We're calling on the UK government to implement a people-first windfall tax in next week's Spring Budget, which includes executive bonuses."

Dean Bruckner, policy director at the UK Shareholders' Association, which campaigns for shareholders' rights, said he had concerns that Mr van Beurden's pay package looked "indefensible".

He said pay settlements such as this risk bringing "the corporate world into disrepute".

Inflation in the UK has been soaring, with huge increases in the cost of energy a key factor.

As prices rise across the board, putting pressure on struggling households, so oil and gas firms have been coming under political pressure.

When he was chancellor, Prime Minister Rishi Sunak brought in a 25% Energy Profits Levy.

This was increased to 35% from January 2023 by current chancellor Jeremy Hunt, and will run until 2028.

The levy applies to profits made from extracting UK oil and gas, but not on refining, or selling petrol and diesel.

Less than 5% of Shell's profits come from UK production.

The scheme was criticised because it allowed oil firms an 80% investment allowance which overall allowed then to claim back 91p in every pound invested, including in oil and gas.

This investment allowance was reduced from 80% to 29% from 1 January.

However, the biggest oil producer in the North Sea, Harbour Energy, has been a vocal critic of the tax.

It said on Thursday that the Energy Profits Levy had "all but wiped out our profit for the year". Harbour reported pre-tax profits of $2.5bn, but tax - including $1.5bn set aside for the levy - had left the company with $8m in post-tax profit.

The tax "has driven us to reduce our UK investment and staffing levels," said its boss Linda Z. Cook, who used to be a Shell executive.

She added that it had given impetus to the firm to expand internationally.

Harbour Energy has not gone ahead at drilling at two sites, and did not take part in the latest North Sea offshore licensing round, a spokesman said.

The planned job cuts are under consultation, the spokesman added.
Newsletter

Related Articles

0:00
0:00
Close
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Defends Attorney General Pam Bondi Amid Epstein Memo Backlash
Renault Shares Drop as CEO Luca de Meo Announces Departure Amid Reports of Move to Kering
Senior Aides for King Charles and Prince Harry Hold Secret Peace Summit
Anti‑Semitism ‘Normalised’ in Middle‑Class Britain, Says Commission Co‑Chair
King Charles Meets David Beckham at Chelsea Flower Show
If the Department is Really About Justice: Ghislaine Maxwell Should Be Freed Now
NYC Candidate Zohran Mamdani’s ‘Antifada’ Remarks Spark National Debate on Political Language and Economic Policy
President Trump Visits Flood-Ravaged Texas, Praises Community Strength and First Responders
From Mystery to Meltdown, Crisis Within the Trump Administration: Epstein Files Ignite A Deepening Rift at the Highest Levels of Government Reveals Chaos, Leaks, and Growing MAGA Backlash
Trump Slams Putin Over War Death Toll, Teases Major Russia Announcement
Reparations argument crushed
Rainmaker CEO Says Cloud Seeding Paused Before Deadly Texas Floods
×