Directors and senior management at Anglo/Dutch oil giant Royal Dutch Shell saw their total pay more than double in 2011 to $85.7m (£54.7m).
The company put the jump down to the “high performance gearing” in its remuneration package. Total pay jumped from $42.3m to $85.7m. On top of this senior management and directors saw their combined pension pots swell by $9.2m. According to the annual report the cash was shared between 19 individuals.
The company’s three top directors, chief executive Peter Voser, executive director Malcolm Brinded and finance director Simon Henry took home a combined $9.5m, slightly less than the previous year.
The company’s annual report stated: “The overall remuneration quantum delivered in 2011 shows an increase compared with 2010. This reflects the high performance gearing in the remuneration package and strong business results in the relevant performance periods combined with share price growth.”
The annual report also stated that Shell was sued for causing climate change. Without naming the parties who brought the action Shell said the action was similar to that taken against other energy companies. It said the cases were dismissed.
Shell, together with other energy companies, has been subject to litigation regarding climate change,” the report stated. “We believe these lawsuits are without merit and are not material to Shell.” However the company warned it expected increased legislation around CO2 emissions would increase costs.
