London Daily

Focus on the big picture.

Former Shell chief executive Ben van Beurden takes home nearly £10m for 2022 as company profits from high energy prices

Former Shell chief executive Ben van Beurden takes home nearly £10m for 2022 as company profits from high energy prices

There are renewed calls for executive bonuses to be subject to "proper" windfall taxes after Ben van Beurden took home 294 times the median wage in 2022 - or what a typical UK worker would earn in six lifetimes, according to a human rights campaign group.
Shell's chief executive earned £9.7m last year, a 53% pay rise, as the company reported record profits due to elevated global energy prices.

The chief executive for 2022, Ben van Beurden, had his pay increase from £6.3m in 2021.

The nearly £10m figure includes an annual bonus for the year of £2.6m, a salary of £1.4m and £4.9m through a long-term share bonus.

Mr van Beurden stepped down in January and was succeeded by Wael Sawan, Shell's former director of integrated gas, renewables and energy solutions.

The oil and gas company said in its annual report, published on Thursday, that Mr Sawan was appointed with a salary of £1.4m that does not include bonus and other performance-related payments.

But as with Mr van Beurden, Mr Sawan is eligible for a target annual bonus of 125% of his salary and long-term shares worth up to 300% of his salary.

NGO Global Witness said Mr van Beurden's pay award is 294 times the median wage of £33,000.

Fossil fuels campaign leader at the group, Alison Harrison, said Shell's chief executive earned in one year "what a typical UK worker would earn in six lifetimes".

She added: "Surely most of us can agree that one person shouldn't be able to amass such huge wealth on the back of a fossil-fuel-funded war in Ukraine and a global energy crisis?"

Shell had announced annual profits of $39.9bn (£32.2bn) for 2022, doubling from a year earlier and far exceeding the previous record of $31bn in 2008.

The majority of profits came from Shell's gas operations.

Anger at the sums also came from the leader of the Liberal Democrats.

Ed Davey posted on Twitter to say: "Outrageous that the boss of Shell raked in over £10m while families struggle to heat their homes.

"Rishi Sunak's refusal to properly tax these eye-watering bonuses and record profits is mind-boggling and shows how out of touch he is."

Windfall taxes have been introduced on energy producer profits and Shell has been hit with an estimated $2.3bn (£1.86bn) in windfall taxes for 2022.

As a result, it is expected to pay taxes in the UK for the first time since 2017.

The UK windfall tax, announced when Rishi Sunak was chancellor, means energy-making firms pay a 25% levy on profits, which will be phased out when energy prices return to normal - but companies get tax breaks worth 91p for every £1 invested.

Ms Harrison from Global Witness called on the government to extend its windfall tax to include executive bonuses.

"We can't afford to keep on propping up an industry that prioritises the profits of the wealthy few over the basic needs of ordinary people," she said.

Related Articles

London Daily
Russia's Electronic Warfare Neutralizes Western Weapons in Ukraine
Trump Challenges Biden to Debate and Golf Match
Macron Accuses Israeli Minister of Election Interference
US Senator Highlights Weaknesses in Western Military Industry During Ukraine Conflict
George Clooney Urges Biden to Withdraw from Presidential Race
Political Shift in the UK: A Detailed Analysis of Labour's Victory and Future Prospects
Viktor Orbán's Peace Mission: A Diplomatic Controversy in the EU
India Advocates Peace and Prosperity: PM Modi's Speech in Austria
New UK PM Keir Starmer Reaffirms Strong Support for Ukraine at NATO Summit
Spain PM Pedro Sanchez Denounces Double Standards on Gaza at NATO Summit
UK Police Arrest Suspect in Crossbow Attack After Three Women Killed
Sunita Williams Safe on ISS, to Address Earth on July 10
Biden Affirms Commitment To Presidential Race
France Faces Political Turmoil and Airport Strikes Ahead of Paris Olympics 2024
Putin Hosts PM Modi for a Private Meeting
TSMC: The Taiwanese Chip Giant Valued Over $1 Trillion
Boeing Pleads Guilty Over 737 MAX Crashes
2024 Predicted to Be World's Hottest Year
Iran's President-Elect Masoud Pezeshkian Reiterates Support for Hezbollah
White House Denies Biden Being Treated for Parkinson's Disease
Biden to Meet New UK Prime Minister Keir Starmer
Biden Insists on Continuing Presidential Race Amid Criticism
UK Defence Minister Pledges Enhanced Support to Ukraine
French Prime Minister Gabriel Attal Resigns After Election Setback
Macron Faces New Political Challenges Despite Election Relief
France's Far-Right Falls Short in Parliamentary Elections
Key Figures in France's Left-Wing New Popular Front Bloc
England Reaches Euro 2024 Semifinals After Penalty Shootout Win
Rishi Sunak Apologizes After Historic Tory Defeat
Voter Discontent in Recent UK and French Elections
Trump was recorded attacking Biden: "I kicked the old pile of shit"
Understanding the MRP Method in UK Elections
US Officials Resign Over Biden's Gaza Policy
First-Time Immigrant Voters Aim to Influence UK Elections 2024
Reform UK Receives Major Donations from Brexit Campaign Group
Tata Steel Strike Called Off, Paving the Way for Crucial Talks
Sir Keir Starmer's Acceptance of Substantial Gifts from UK Donors
New Zealand Introduces Law to Make Tech Giants Pay for News
NASA Astronauts Stranded in Space Due to Boeing's Starliner Issues
OpenAI and Microsoft Sued for Copyright Infringement
Starmer Vows to Renegotiate Brexit Deal Amid Far-Right Rise in France
Monster Hurricane Beryl Hits Caribbean as Category Five Storm
EU Charges Meta with Breaching Antitrust Rules
Biden's Debate Performance Unites Democrats and Republicans
Prison Officer Faces Court Over Inmate Sex Video
Jude Bellingham's Iconic Euro 2024 Goal: A Historic Moment for England
Campaigners Push for Emergency Uplift Visa for Palestinians Escaping Gaza Conflict
French Elections: Battle to Thwart Far-Right Takeover
Supreme Court Grants Trump Partial Immunity, Delays Trial
China Criticizes US Restrictions on AI Investments