Shell CEO pay jumps to £6.3m as energy bills soar

Shell Chief Executive Ben van Beurden's annual pay rose by a quarter to more than £6m after the oil group posted record results boosted by rising prices that have caused the cost of living to soar.

Van Beurden's total pay rose to €7.4m (£6.3m) in 2021 from €5.8m the year before, Shell said in its annual report. He was paid €5.4m in bonuses and long-term incentives on top of €2m fixed pay. He also received a €14,400 “motoring allowance” €2,494 for transport between his home and office.

His total pay was 57 times that of the median Shell employee, the company said.

Shell reported annual adjusted earnings of $19.3bn for 2021, up from $4.9bn a year earlier as oil and gas prices soared. Prices have increased significantly in 2022 because of Russia's invasion of Ukraine.

The UK's Labour opposition has called for a windfall tax on Shell and BP to help ease the strain on households and businesses of ballooning energy costs. Prime Minister Boris Johnson rejected the idea on Wednesday but Chancellor Rishi Sunak is under pressure to help households with typical annual bills set to reach almost £3,000.

Shell did not pay Van Beurden an annual bonus during the first year of the pandemic. He received €10m in 2019 and €20m in 2018.