As the company made record profits from soaring fossil fuel prices, Shell Plc’s outgoing Chief Executive Ben van Beurden took home £9.7 million in pay and bonuses in 2022, up more than 50% from 2021. Shell reported the highest annual profits in its 115-year history last year. The oil group made a record $39.9 billion (£32.2 billion) profit in 2022, double the previous year’s total.
The 2022 figure includes a £2.6 million annual bonus and a £4.9 million long-term shares award on top of his £1.4 million annual salary. In 2021, Ben van Beurden was paid the equivalent of €7.4 million (£6.57 million), he was paid in euros because Shell had yet to move its headquarters from the Netherlands to the United Kingdom, but still less than the €20.14 million he was paid in 2018.
It brings Ben van Beurden’s total compensation from Shell since becoming CEO in 2014 to more than £90 million at today’s exchange rates.
Mr van Beurden was replaced on 1 January this year by Wael Sawan, the former head of Shell’s gas and renewables business. The new CEO will receive a base salary of £1.4 million, a target bonus of 125% of salary, and a maximum bonus of 250%, the company said.
In the report, Shell said it spent $25 billion in 2022, comprising: $12.5 billion on oil projects; $4.2 billion in its gas and power division; and $4.3 billion on “low carbon energy solutions”. A further $3.9 billion was spent on non-energy businesses, including its retail business.
Sinead Gorman, who was appointed chief financial officer in April 2022, was paid £2.9 million. Her base salary this year will rise by 2.8% to £925,000. Sinead Gorman was previously Executive Vice President, Finance, in Shell’s global Upstream business. She started her career as a civil engineer before moving into finance roles when she joined Shell in 1999. Since then, she has held several increasingly senior finance positions across Shell in Europe, North America and globally.
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