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By Ron Bousso
LONDON, March 12 (Reuters) - Royal Dutch Shell
Chief Executive Ben van Beurden's pay package halved last year
to 10 million euros ($11.3 million) after the energy company
suffered seven deaths and saw a drop in revenue.
Van Beurden, who became CEO in 2014, oversaw a sharp growth
in Shell's oil and gas output following the 2016 acquisition of
BG Group for $53 billion.
But in January, the Anglo-Dutch company was forced to rein
in its vast $25 billion share buyback programme amid a drop in
oil and gas prices and sliding global demand for fuels and
petrochemicals.
Shell said in its annual report that van Beurden's
remuneration dropped by 51% last year compared with 2018, due in
part to seven fatalities the company had last year.
That compared with two deaths in 2018.
The lower pay "also reflected on the challenging 2019
performance, partly driven by difficult macroeconomic
conditions, related to lower cash flow, operational challenges
and safety."
Oil and gas production last year came in 2.53% below target
due to operational issues and delays in bringing new projects on
stream. Liquefied natural gas (LNG) volumes were 2.2% below
target.
The remuneration includes a base salary of 1.56 million
euros, an annual bonus of 800,000 euros and 7.2 million euros in
long-term incentive plans.
($1 = 0.8870 euros)
(Reporting by Ron Bousso; editing by Jason Neely and Mark
Potter)
