Energy reward

Oil giant Shell pays new boss Sawan £7.9 million

Wael Sawan’s pay package was lower than his predecessor

Energy giant Shell paid its chief executive Wael Sawan £7.9m, its annual report has revealed.

The total package included an annual bonus of £2.7m and his payout from the firm’s long-term incentive plan reached £2.6 million. There were pension, car benefits and “relocation-related costs” of £334,778.

Mr Sawan last year replaced Ben van Beurden who received a total remuneration of £9.7m in his final year in the post.

The pay package came after Shell’s profit dropped 30% to $28 billion amid lower prices and margins and slower global economic activity.

However, Shell’s shares have risen nearly 9% since Mr Sawan took over.

A Shell spokesman said: “Our executive remuneration is benchmarked against a broad range of European multinational companies. Data over the last ten years show that, on the basis of delivery against our targets, our senior executives are paid competitively.”

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