Shell CEO Sawan may earn US$6 million more annually

[LONDON] Oil major Shell has finished talks with its largest shareholders that could result in its chief executive, Wael Sawan, earning at least US$6.17 million more every year, Sky News reported on Wednesday (Feb 4), citing investor sources.

The company has drawn up plans to grant Sawan a long-term incentive stock award worth up to nine times his base salary of £1.5 million (S$2.61 million), the report added.

A spokesperson for Shell said in an emailed statement to Reuters: “Every three years, Shell seeks shareholder approval for a new executive director remuneration policy as a standard part of regulations for UK listed companies. The last vote was in 2023, so this is part of the usual cycle.”

The energy giant will publish final proposals in its annual report due March 12, which shareholders will vote on at the annual general meeting.

Sawan’s total pay for 2024 was £8.6 million according to the company’s annual report. REUTERS