Shell boss pockets a £1.1m pay rise after profits soar, sparking fresh calls for a windfall tax on oil giants
Shell’s boss pocketed a £1.1million pay rise last year after the business reported a record profit that led to calls for a windfall tax on the sector.
Ben van Beurden took home £6.3million, up from £5.2million a year earlier, the energy company revealed in its annual report.
The 63-year-old chief executive took an income hit during Covid, and his total remuneration is still lower than before the pandemic.
Payday: Shell boss Ben van Beurden (pictured) took home £6.3m, up from £5.2m a year earlier, the company revealed in its annual report
It is also far below the £17.2million he made in 2018. The business has been helped by rapidly rising energy prices in recent months.
Gas prices doubled between 2020 and 2021. Meanwhile, the average price of Brent crude oil increased from $42 to $71 per barrel.
Russia’s invasion of Ukraine has further pushed up gas and oil prices.
For Shell, it has meant difficult decisions, and the oil giant has promised to stop doing business in Russia. It will pull out of oil and gas projects, shut petrol stations and end its aviation fuels business in the country.
‘We will go ahead with these steps, regardless of their financial implications,’ said van Beurden.