Shell CEO pay up 50 per cent as soaring energy prices boosted profit

CEO of Royal Dutch Shell Ben van Beurden speaks at a meeting with Russian President Vladimir Putin in Moscow, Russia, June 21, 2017. (Sergei Karpukhin/Pool Photo via AP, File)

LONDON — The pay package for Shell's CEO jumped by half last year to nearly US$12 million, the fossil fuel giant said Thursday, as oil and gas companies made record profits from skyrocketing energy costs that have driven a cost-of-living crisis.

London-based Shell paid Ben van Beurden a total of 9.7 million pounds (US$11.5 million) in 2022 as annual company profits doubled to an all-time high of US$40 billion because Russia's war in Ukraine sent oil and gas prices soaring.

Van Beurden's pay includes a 2.6 million-pound bonus and 4.9 million pounds worth of stock, according to the company's annual report.

Van Beurden stepped down at the end of last year and was replaced by Wael Sawan, who will be paid a base salary of 1.4 million pounds and a bonus that's expected to be bigger than the salary, the report said.

Demands have increased for oil and gas companies raking in huge profits to do more to reduce high energy costs that are hurting consumers and small businesses.

Opposition lawmakers in Britain have called for an expanded tax on the windfall profits of oil and gas firms to provide more help for households struggling to afford expensive utility bills.