Ex-Shell CEO’s pay package hits £9.7m – Report

Oluwanifemi Ojo
Oluwanifemi Ojo

The former CEO of the oil giant, Shell, Ben van Beurden, received a total pay package of £9.7 million in 2022, a report has revealed.

According to Shell’s annual report and accounts accessed by BBC, the Dutchman received a total remuneration of £6.3 million in 2021. This means there was over £3 million increase in one year.

After a spike in oil prices in the wake of Russia’s invasion of Ukraine, Shell announced its biggest yearly profits in its 115-year history last year.

BBC reported that energy companies have made enormous profits, which has increased demand to tax them more as consumers struggle with rising energy costs.

Shell hits double of the profit made in 2021 in 2022 profit recording $39.9bn (£32.2bn).

According to a report, when the company’s financial results were released in February, opposition parties blasted the company’s earnings as “outrageous.”

The critics claimed that the government was “letting off the hook” energy businesses in terms of taxation.

Meanwhile, the former CEO was replaced on the first day of January 2023 by the former head of Shell’s gas and renewables business, Wael Sawan.

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