The stock price is up more than 40% year-to-date. Shell shares traded at around 20.25 pounds at 1035 GMT on Thursday. My Path to Purpose | Shell Global Shell boss Ben van Beurden talks to BBC News exclusively about its transition to net zero. Shell's CEO Doesn't Want You to Call It an Oil Company - Bloomberg The total pay package of Ben van Beurden, who stood down at the end of last year, rose from 6.3m in 2021 to 9.7m in 2022. Read about our approach to external linking. Chief Executive Officer Ben van Beurden responded by slashing spending and cutting Shell's dividend for the first time since World War II. Additional reporting by Indranil Sarkar in Bengaluru; Editing by Bernard Orr and Edmund Blair. `, "If you want to destroy the faith by driving up energy prices, by creating shortages or market failures, I think politicians are going to lose societal acceptance that this is actually doable.". Most populous nation: Should India rejoice or panic? Market data provided by ICE Data Services. Got a confidential news tip? The BBC is not responsible for the content of external sites. Get this delivered to your inbox, and more info about our products and services. The BBC is not responsible for the content of external sites. Supervisory Board Mercedes-Benz Group AG - Shareholder Representative. LONDON (Reuters) - Royal Dutch Shell Chief Executive Ben van Beurdens pay package dropped by 42% to $7 million in 2020, a year in which the coronavirus pandemic pushed the energy company to a historic dividend cut following a collapse in profits. The secret mine that hid the Nazis' stolen treasure. Please enter valid email address to continue. Shell CEO to Step Down as Oil Giant Looks to Climate Goals - US News See here for a complete list of exchanges and delays. Wael Sawan will become Shell's next chief executive on Jan. 1. Shell CEO sells $5.2 million of shares | Reuters He is also on the board of Mercedes-Benz and said in 2017 he drives a 90,000 S-class hybrid. A dual Lebanese-Canadian national, Sawan has held roles in downstream retail and various commercial projects during his 25-year career at Shell. All quotes delayed a minimum of 15 minutes. Oil giant Shell on Thursday announced that CEO Ben van Beurden will step down at the end of the year after nearly a decade at the helm. 06:23 EDT 09 Mar 2023 Video, The secret mine that hid the Nazis' stolen treasure, Why the COP26 climate summit is important. Van Beurden was forced to withdraw Shell from its joint ventures with Kremlin-controlled oil firm Gazprom worth a total of $3bn, including drilling projects at the Sakhalin-II liquefied natural gas facility, projects in Salym and Gydan, both in western Siberia, and its involvement in the Nord Stream 2 pipeline project, which has been cancelled since the invasion. The pay package for Shell's CEO jumped by half last year to nearly $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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. and renewable energy unit. Mr van Beurden was speaking at Europe's biggest oil refinery at Pernis near Rotterdam, a facility he plans to transform from refining petrol and diesel, to making biofuels and hydrogen over the. This is why some doubt that Shell can hit either its own targets and those imposed by a Dutch court which require it to halve its own net emissions by 2030 and eliminate them entirely by 2050. The spotlight has been thrown on the energy firms after a record-breaking set of annual results from the sector, which comes at a delicate time given the cost-of-living crisis impacting firms, businesses - and families all around the country. These profits are down to speculators gambling on the Ukrainian crisis. Mortgage fee structure 2023: Here's how it's changing, King Charles III's net worth and where his wealth comes from, California bill that would hit oil profits gets stuck in the political mud, 4 oil companies had total sales of $1 trillion last year, Oil giants rake in record profits as energy prices remain high. The London-listed company said Thursday that Mr. Sawan would assume the position on Jan. 1, when Mr. van Beurden steps down after nine years in the role. ', The comments below have not been moderated, By Most populous nation: Should India rejoice or panic? Ben van Beurden dismissed splitting its legacy oil and gas business from its renewables investment, a move urged by activist shareholder Third Point. If you have a pension you are almost certainly a part owner of Shell, BP and other oil and gas companies. Wael Sawan, currently Shell's director of integrated gas, renewables and energy solutions, will become its next chief executive on Jan. 1. 2023 BBC. `, "If you want to destroy the faith by driving up energy prices, by creating shortages or market failures, I think politicians are going to lose societal acceptance that this is actually doable.". Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Shell boss Ben van Beurden talks to BBC News exclusively about its transition to net zero. As a subscriber, you have 10 gift articles to give each month. LONDON (AP) Shell CEO Ben van Beurden is stepping down at the end of 2022 after nine years in charge, the energy giant said Thursday, a change that comes as oil and natural gas companies are . Is climate change killing Australian wine? , updated "At this point in time [the cash] comes from our legacy business," he said. The boss of oil giant Shell has insisted it can transition to net zero by 2050, but it will need the cash from its oil and gas business to pay for it. Shell is a major component of the UK's leading share index. Is climate change killing Australian wine? The unprecedented hit to the energy sector last year due to the pandemic, which briefly knocked benchmark U.S. oil prices into negative territory, forced Shell to cut its dividend for the first time since World War Two. Van Beurden, who has led Shell since 2014, said last Thursday that "I still believe that our shares are undervalued," after the company reported bumper profits of $19.3 billion in 2021 on the back of high oil and gas prices. By Ben van Beurden On Jun 8, 2021 Should a court single out an energy company to reduce its carbon emissions? As the recent energy crisis brutally exposed, the UK along with the rest of the world is still hugely reliant on fossil fuel. Ben van Beurden - Wikipedia It is completely unfair at a time when the Conservative government is choosing to put people's energy bills up. Reports last year said the property was up for sale for5.5million. read more. How extreme weather is linked to climate change, More than 100 police hurt in French May Day protests, MasterChef Australia host Jock Zonfrillo dies, Explosion derails train in Russian border region, Trump mistrial request denied in NY rape lawsuit, US rock band Aerosmith announce farewell tour, Street piano confiscated as public 'break rules', Russia launches missile attacks on Ukraine, DeSantis-backed board votes to countersue Disney, Father tells how gunman opened fire on Texas home. In February he sold 190,000 of his shares at an average price of 20.40 per share, raking in another 3.876million. The group's annual report also showed Mr Sawan was appointed on a 1.4 million annual salary, in line with his predecessor, plus a potential bonus worth 125 per cent of salary and long-term shares worth up to a maximum potential of 300 per cent of salary. 07:50 EDT 09 Mar 2023. Shell appoints Wael Sawan to replace outgoing chief Ben van Beurden Alice Harrison, fossil fuels campaign leader at Global Witness, said: 'Shell's CEO earned in one year what a typical UK worker would earn in six lifetimes.'. How extreme weather is linked to climate change, More than 100 police hurt in French May Day protests, MasterChef Australia host Jock Zonfrillo dies, Explosion derails train in Russian border region, Trump mistrial request denied in NY rape lawsuit, US rock band Aerosmith announce farewell tour, Street piano confiscated as public 'break rules', Russia launches missile attacks on Ukraine, DeSantis-backed board votes to countersue Disney, Father tells how gunman opened fire on Texas home. He added: The main driver of inflation has been high energy bills. Mr van Beurden says the decision on the Cambo oilfield is ultimately one for government but says it makes no sense to substitute UK resources for foreign imports to satisfy domestic demand. These greedy billion pound businesses continue to operate without fear of genuine political scrutiny. Shell is also expected to make its best efforts to reduce the emissions of its customers - which make up 90% of Shell's overall carbon footprint. Van Beurdens pay rise, to 7.4m (6.1m) in 2021 from 5.8m (4.9m) the year before, came amid widespread calls, including from the Labour party, for booming energy companies to pay a windfall tax on profits as people in Britain and beyond struggle with a cost-of-living crisis. Its in businesses interest to not tip the country into recession. | Learn more about Ben van Beurden's work experience, education, connections & more by visiting their profile on LinkedIn During the last decade, he has been in the vanguard for the transition of Shell to a net-zero emissions energy business by 2050 and has become a leading industry voice . Shell CEO Ben van Beurden to be replaced by Wael Sawan next year - CNBC Ben van Beurden - Adviser to the Board at Shell - Shell | LinkedIn He added: 'We fully appreciate the difficulties that the cost-of-living crisis is causing many people across the world. Oil giant Shell appoints renewables head as boss - BBC News Afterward, Mr. van Beurden led a move of the companys headquarters to London, mostly citing tax reasons. Ben van Beurden: lead with your head and your heart ICE Limitations. Mr. van Beurden suffered a bitter blow last year when a court in the Netherlands, then Shells home country, ordered it to move much faster on reducing emissions. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 2023 BBC. The secret mine that hid the Nazis' stolen treasure. Explore in 3D: The dazzling crown that makes a king. Shell or someone else will supply it. Ben's career in Shell spans both Upstream and Downstream activities. That would be a mistake, according the world's largest asset manager Blackrock which looks after 13 trillion dollars in pensions and savings. Royal Dutch Shell Chief Executive Ben van Beurden's pay package dropped by 42% to $7 million in 2020, a year in which the coronavirus pandemic pushed the energy company to a historic dividend cut . 'We will never forget what you have done': Climate activist slams Shell He seemed to enjoy sessions with journalists and was willing to engage with even harsh critics. Mr. van Beurden also took flak during the pandemic for slashing Shells dividend for the first time since World War II, as oil and gas prices plummeted. Ben van Beurden was awarded 5.4m in bonuses and long-term incentive payments in addition to his 2m fixed pay. In 2019, Shell CEO Ben van Beurden told the Financial Times that when his daughter was around 10 years old, she once came home from school crying because she'd heard oil and gas companies. Liberal Democrat leader Ed Davey has said that the money that oil and gas companies made after Russia launched a full-scale invasion of Ukraine last February should be helping struggling families. Ben van Beurden's pay jumped from 6.3 million in 2021, with the 2022 figure including a 2.6 million annual bonus and a 4.9 million long-term shares award on top of his 1.4 million annual . Ben van Beurden - Biography | Mercedes-Benz Group > Company > Corporate Governance > Supervisory Board The Hague. 2023 The Associated Press. He will be succeeded by Wael Sawan, who currently heads a unit that includes the companys lucrative liquefied natural gas business and its investments in clean energy, including wind and solar power. It's much better to engage with companies and use your influence as a shareholder. I have great confidence in Wael as my successor. Embracing Evolution | Shell Global Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. Shell intends to appeal that court judgement. Tough choices on the road to a lower-carbon world Jan 08, 2016 - Shell CEO Ben van Beurden reflects on business challenges and opportunities, and Shell's role in the transition to a cleaner energy future. Oil and gas companies have argued that money for a windfall tax would have to come from their budget earmarked for long-term investments. He said: "Why would you say: Let's not get our oil and gas demands from our own resources but let's import from somewhere else, probably with a larger carbon footprint. That demand can be influenced by government carrot or stick, companies can be squeezed by financiers but consumer behaviour will ultimately determine whether the world can hit net zero by 2050. Danya Bazaraa For Mailonline. And less than a year ago, Third Point, a major hedge fund, was calling for Shells breakup. He said: "Why would you say: Let's not get our oil and gas demands from our own resources but let's import from somewhere else, probably with a larger carbon footprint. "You can't divest from the world. Anyone can read what you share. All Rights Reserved. But oil and gas is not just a legacy business. Shell paused Van Beurdens annual bonus during the first year of the pandemic. Video, The secret mine that hid the Nazis' stolen treasure, Why the COP26 climate summit is important. Mr. Sawan is well respected by the investor community, and the shift is likely to be more of a continuation of strategy set under Mr. van Beurden, said Biraj Borkhataria, an analyst at RBC Capital Markets, an investment bank, in a note to clients. It boasts marble floors and manicured lawns. "Even if you're very generous, and assume they get all the amounts of carbon capture and storage and offsets that they need, they might just miss their 2030 targets, and they will not be able to deliver on 2050. Oil giant Shell says it needs oil to pay for green shift - BBC News Royal Dutch Shell Plc had been turning out about 2.7 million barrels of oil each day until the novel coronavirus took hold of the world. Exclusive news, data and analytics for financial market professionals, Reporting by Ron Bousso Editing by Jason Neely and Mark Potter, As oil output peaks, US Gulf of Mexico makes room for carbon capture, Oil drops 1% as economic growth concerns offset OPEC+ cuts, U.S. April oil exports top forecasts on Chinese demand, Enbridge acquires gas storage facility in British Columbia for $295 million, IMF lauds 'quick and orderly resolution' of First Republic by US regulators, FDIC sees merits of increasing backstop for business accounts, IMF's Georgieva says more vulnerabilities in banking sector may be exposed. Shell is a major component of the UK's leading share index. Mr. Sawan, 48, is a less prominent figure, having spent most of his career on the oil and gas side of the business before moving recently to L.N.G. But when they are paying out such huge sums to wealthy investors and top earning staff that argument looks laughably weak. Shell's Chief Executive, Ben van Beurden, to Step Down According to The Guardian, Shell's CEO pays more than doubles to 17.2m. Read about our approach to external linking. I hope the big shareholders can sleep well knowing millions are struggling just to pay to heat their homes or fill their tanks to drive to work and medical appointments.. He will also be paid moving costs and a housing allowance for two years after relocating from the Netherlands to London at the companys request. Im also very much aware of the difficulty to explain how this is actually a global problem, and a problem that has come about by policy decisions that have been taken.. Read the speech 'Embracing Evolution' here. What will climate change look like for you? Before that he received 10m in 2019 and 20m in 2018, a record if excluding 2014 when pension calculations inflated his reported salary. Read about our approach to external linking. Russias invasion of Ukraine has caused energy prices to rise further since the start of the year, suggesting that even higher bills may be likely for households and businesses. Ben van Beurden dismissed splitting its legacy oil and gas business from its renewables investment, a move urged by activist shareholder Third Point. As the recent energy crisis brutally exposed, the UK along with the rest of the world is still hugely reliant on fossil fuel. Two other candidates to succeed Mr. van Beurden, Maarten Wetselaar, who preceded Mr. Sawan in running the gas and renewables unit, and Jessica Uhl, who was chief financial officer, have left Shell in the past year. Van Beurden said: Of course, Im very aware of the difficulties and the hardship. Shell, Europes largest oil company, said on Thursday that Ben van Beurden, who has served as chief executive since 2014, would step down at the end of the year. The CEO of Shell, Ben Van Beurden receives a salary of $9,963,000, according to Wallmine . Explore in 3D: The dazzling crown that makes a king. The FTSE 100 company reported record profits during 2021, thanks in part to a gas price surge in the final three months of the year amid a rebound in demand for commodities as the global economy recovered from coronavirus pandemic lockdowns. Here's how. 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. Wael Sawan, who spent most of his career on the oil and gas side of Shell before moving recently to its liquefied natural gas and renewable energy unit, will take over Europes largest energy company. Did this woman die because her genitals were cut? "Even if you're very generous, and assume they get all the amounts of carbon capture and storage and offsets that they need, they might just miss their 2030 targets, and they will not be able to deliver on 2050. He has been criticized, though, for not moving fast enough to invest in clean energy. But MP Darren Jones whose Business, Industrial, Energy and Strategy select committee held an inquiry into the energy market insisted: They havent made this money because they are brilliant. Activist Lauren MacDonald was also asked to share the stage with the fossil fuel boss . I am grateful and I know I would not be standing here without the work of so many others. A spokesman for Shell said: 'The CEO's remuneration package is reviewed carefully on an annual basis against a range of UK and international companies, to ensure reward packages are appropriately positioned against market.'. Talking exclusively to the BBC, he said the company's plans for greener energy could only be funded by oil and gas. It plans to spend four times as much on oil and gas development as on renewables next year. The sale totalled 3.876 million pounds, according to the filing. As he prepares to step down at the end of the year, he reflects on his career, and offers some parting thoughts. Read about our approach to external linking. As long as there is demand for fossil fuels. Trump motion to declare mistrial in E. Jean Carroll lawsuit denied, Tornado hits Virginia Beach, likely damaging hundreds of homes, Transgender Montana lawmaker Zooey Zephyr sues over censure, Debt ceiling standoff heats up over veterans' programs, Texas man who lost wife and son in shooting shares story, NYPD officer Troy Patterson dies 33 years after being shot in robbery, Supreme Court to hear case that could curb power of federal agencies, The weirdest items passengers leave behind in Ubers. The International Monetary Fund (IMF) appreciates quick action by U.S. regulators to seize First Republic Bank and find a private buyer, an IMF spokesperson said on Monday. Van Beurden, who initially oversaw growth in Shells oil and gas output after taking office in 2014, is now leading the Anglo-Dutch company through a shift towards low-carbon energy in an effort to slash greenhouse gas emissions by 2050. Shell currently has a global carbon footprint the size of Russia's if you include the emissions from customers using Shell products. Talking exclusively to the BBC, he said the company's plans for greener energy could only be funded by oil and gas. And, as critics warned, the company remains saddled with debt from its $53 billion acquisition of BG Group in 2015. articles a month for anyone to read, even non-subscribers. "I don't think that it is going to contribute to the balance of payment for the UK and also will not help the carbon footprint of the world.". LONDON, Feb 10 (Reuters) - Shell (SHEL.L) Chief Executive Officer Ben van Beurden on Feb. 7 sold 3.9 million pounds ($5.2 million) worth of the energy company's shares, a company filing showed. He has held a number of operational and commercial As powerful as Shell is, its customers may be more powerful. All rights reserved. It comes after the oil giant posted a record 84.3 billion US dollar (71.1 billion) profit for 2022 as it benefited from soaring energy prices, branded as 'obscene' at the time amid heavy criticism over the amount of tax paid by the group. He is one of the highest-earning executives at the Royal Dutch Shell Plc since the pay rise. "I think this energy transition can be done but it will require a lot of orchestration and a lot of faith of society that it can be done. This material may not be published, broadcast, rewritten, or redistributed.