Â鶹´«Ã½

Skip to main content

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) 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)
Share
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.

CTVNews.ca Top Stories

The City of Calgary ended water restrictions for the city at a Sunday morning update.

A Nova Scotian YouTuber has launched a mini-truck bookmobile.

Local Spotlight

Cole Haas is more than just an avid fan of the F.W. Johnson Wildcats football team. He's a fixture on the sidelines, a source of encouragement, and a beloved member of the team.

Getting a photograph of a rainbow? Common. Getting a photo of a lightning strike? Rare. Getting a photo of both at the same time? Extremely rare, but it happened to a Manitoba photographer this week.

An anonymous business owner paid off the mortgage for a New Brunswick not-for-profit.

They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.

A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.

Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.

The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.

The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.

It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.

Stay Connected