Shell’s CEO received an £8 million compensation package in his first year.

Shell’s new CEO received an almost £8 million salary in his first year in the post, the oil company confirmed.

The salary details came as Shell reduced one of its carbon reduction targets.

Wael Sawan was paid a total of £7.94 million, including bonuses, which was less than his predecessor, Ben van Beurden, who received £9.7 million in 2022.

Pressure groups criticised the amount of the remuneration package.

According to Jonathan Noronha-Gant, senior fossil fuels campaigner at Global Witness, the amount is “a bitter pill to swallow for the millions of workers living with the high costs of energy”.

Shell has announced plans to lower the “net carbon intensity” of the energy it sells by 15-20% by 2030, down from a previous target of 20%.

It also abandoned its plans to cut net carbon intensity by 45% by 2035.

Shell attributed this to “uncertainty in the pace of change in the energy transition”.

The corporation stated that it will now focus on “value over volume” and sell electricity to businesses rather than households.

Separately, Shell announced a new objective of reducing customer emissions from the company’s oil products, such as gasoline and diesel, by 15-20% by 2030.

Shell reported decreased profits as energy prices fall.
Last year, rival energy major BP said that it was cutting back its goals to reduce carbon emissions.

BP also revealed this week that its CEO, Murray Auchincloss, had a salary of slightly over £8 million last year.

The amount of pay packages at energy companies has come under investigation after companies made enormous gains as oil and gas prices skyrocketed following Russia’s invasion of Ukraine.

According to Andrew Speke, a spokesperson for the High Pay Centre, Shell is “more interested in prioritising the enrichment of their executives and shareholders”.

“This is evidence of the urgent need to reform company law… to force companies like Shell to address excessive executive pay.”

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