The industry leader for online information for tax, accounting and finance professionals. Provider/Privacy Ben van Beurden is the CEO of Royal Dutch Shell and his rise to the top position was a shock to many. 07:50 EDT 09 Mar 2023. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. He joined Shell in 1983, after graduating with a Master's Degree in Chemical Engineering from Delft University of Technology in the Netherlands. His bonus rose from 2.2m in 2021 to 2.6m in 2022. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Ron has covered since 2014 the worlds top oil and gas companies, focusing on their efforts to shift into renewables and low carbon energy and the sector's turmoil during the COVID-19 pandemic and following Russia's invasion of Ukraine. 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. He climbed the ladder of success slowly; in 1996 he was Malaysia's LNG's general manager operations before becoming the Vice President . Our Standards: The Thomson Reuters Trust Principles. 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. Copyright 2023 CBS Interactive Inc. All rights reserved. A Division of NBCUniversal. Read the speech 'Embracing Evolution' here. 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 next decade. Businesses that truly want to serve society should be happy to contribute a slightly higher rate of tax at a time when they are having a bonanza year, through pure good luck rather than their own hard work or innovation, while society as a whole is struggling with rising costs, stagnating wages and further economic turmoil.. 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. Its not easy to run an oil major when people suddenly stop needing oil. 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. He has held a number of operational and commercial 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. Did this woman die because her genitals were cut? It's much better to engage with companies and use your influence as a shareholder. Read about our approach to external linking. The ability of Mr. van Beurden, who is Dutch, to navigate in the European political and cultural environment in which Shell must operate may be missed. Chief Executive Officer Ben van Beurden responded by slashing spending and cutting Shells dividend for the first time since World War II. Additional reporting by Indranil Sarkar in Bengaluru; Editing by Bernard Orr and Edmund Blair. It also boosted its dividend and share repurchases. The secret mine that hid the Nazis' stolen treasure. 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. VideoThe secret mine that hid the Nazis' stolen treasure, LGBT troops take love for Eurovision to front line, Why an Indian comedian is challenging fake news rules. 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. He attended a state banquet for the Mexican president at Buckingham Palace in 2015, one for the King and Queen of the Netherlands in 2018 and another the next year for US President Donald Trump. 2023 The Associated Press. 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. 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 next decade. 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. Shells Chief Executive, Ben van Beurden, to Step Down, https://www.nytimes.com/2022/09/15/business/shell-ceo-van-beurden.html. Demand for oil, the companys core product, dropped almost a third in April, and the price of West Texas Intermediate briefly dipped into negative numbers for the first time. "If we have to build a hydrogen plant from a wind farm that we build in the North Sea for a billion dollars that is not going to be funded by a hydrogen business - it will be funded by the oil and gas business," he said. Van Beurden whose full name is Bernardus Cornelis Adriana Margriet van Beurden previously lived in West London with his Australian wife Stacey and his four children. Explore in 3D: The dazzling crown that makes a king. Shell not only rakes in cash from forecourt sales. Shu Ling Liauw from research firm Global Climate Insights has analysed the oil firm's spending plans and estimates that Shell will be producing more emissions by 2030 than it is now as it intends to grow its gas business. The Sun asked him how he could justify this the day after Brits learned energy bills could hit almost 4,000 next year. "You can't divest from the world. Its in businesses interest to not tip the country into recession. "In fact, they will be increasing emissions until 2030, and still be producing significant amounts of emissions in 2050," she says. As a subscriber, you have 10 gift articles to give each month. "If we have to build a hydrogen plant from a wind farm that we build in the North Sea for a billion dollars that is not going to be funded by a hydrogen business - it will be funded by the oil and gas business," he said. As the recent energy crisis brutally exposed, the UK along with the rest of the world is still hugely reliant on fossil fuel. The 190,000 shares were sold at an average prices of 20.40 pounds per share, a day before they hit their highest level since January 2020 at 20.80 pounds. Talking exclusively to the BBC, he said the company's plans for greener energy could only be funded by oil and gas. That would be a mistake, according the world's largest asset manager Blackrock which looks after 13 trillion dollars in pensions and savings. Anyone can read what you share. 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. Its very short-sighted for them to redistribute their wealth through share-buybacks instead of helping customers.. What happens to First Republic Bank's stock and deposits now? As powerful as Shell is, its customers may be more powerful. Shell wants to develop new oilfields including Cambo in the North Sea which it hopes will produce 170 million barrels of oil. Explore in 3D: The dazzling crown that makes a king. The secret mine that hid the Nazis' stolen treasure. 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. This material may not be published, broadcast, rewritten, or redistributed. Others point out that if Shell itself were to sell its oil and gas business, those assets would be hoovered up by companies that might be less transparent and less inclined to make the effort to decarbonise. All Rights Reserved. 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. He added: The main driver of inflation has been high energy bills. He is also on the board of Mercedes-Benz and said in 2017 he drives a 90,000 S-class hybrid. Danya Bazaraa For Mailonline. Market data provided by ICE Data Services. These profits are down to speculators gambling on the Ukrainian crisis. 'Shell are taking steps to address it, such as doubling the hardship fund for vulnerable customers of our UK retail energy business. 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. Is climate change killing Australian wine? Member of the Presidential Committee, the Mediation Committee and the Nomination Committee. UK firms forced to show how they will hit net zero, More than 20,000 Russians dead in Bakhmut, US says, France May Day protests leave dozens of police injured, Fighter jets are roaring over my home in Sudan. Shell is planning to appeal part of the ruling. Trump motion to declare mistrial in E. 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In 2015, shortly after becoming chief executive, Mr. Beurden led one of the largest industry takeovers in years, the acquisition of BG, a British oil and gas company that was a major player in L.N.G., for $70 billion. "At this point in time [the cash] comes from our legacy business," he said. 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. 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. Im very mindful that is a difficult message to hear, but it is what it is. Read about our approach to external linking. Read more: British Gas owner's profits soar to 3.3BILLION. As adviser to the Board, I am supporting Shell to deliver on our Powering Progress strategy that sets out to provide the energy the world needs today while building the energy system of the future. Ladies and gentlemen, Thank you. With his wife Stacey, he has three daughters and a son. The secret mine that hid the Nazis' stolen treasure. By Stanley Reed. Our Standards: The Thomson Reuters Trust Principles. "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. 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. A spokesman for Shell said the chief executive's pay package is 'considered the appropriate quantum for running a group of Shell's scale and complexity'. They have made this money because Russia invaded Ukraine.. It has now been confirmed that Sawan will take over. Luke Hildyard, a director of the High Pay Centre, a campaign group, said: Shells chief executive rakes in millions and half their UK employees make well over 100,000. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. 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. But when they are paying out such huge sums to wealthy investors and top earning staff that argument looks laughably weak. 06:23 EDT 09 Mar 2023 Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. All rights reserved. The 64-year-old has pocketed more than 70million in his time as CEO and is looking to buy a mansion in London after Shell moved its headquarters to the UK last year. Ben van Beurden dismissed splitting its legacy oil and gas business from its renewables investment, a move urged by activist shareholder Third Point. "I'm looking forward to channelling the pioneering spirit and passion of our incredible people to rise to the immense challenges, and grasp the opportunities presented by the energy transition," Sawan said in a statement, adding that it was an honor to follow van Beurden's leadership. A dual Lebanese-Canadian national, Sawan has held roles in downstream retail and various commercial projects during his 25-year career at Shell. There is growing clamour on the part of many pension fund trustees and their scheme members to dump or divest shares in fossil fuel businesses to starve them of capital. It plans to spend four times as much on oil and gas development as on renewables next year. He is a smart, principled and dynamic leader, who I know will continue to serve Shell with conviction and dedication," he added. 'Rishi Sunak's refusal to properly tax these eye-watering bonuses and record profits is mind boggling and shows how out of touch he is. 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. 2023 BBC. Van Beurden, 64, joined Shell in 1983 and became CEO of the company in 2014, after serving as director of the firm's refining and chemicals business. 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. If you divest, you lose that influence," said Sandy Boss, head of investment stewardship. 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. The firm has profited so much from rising prices that it will hand 6.5billion to shareholders and potentially even more later this year. News provided by The Associated Press. As long as there is demand for fossil fuels. The company awarded Van Beurden 5.4m in bonuses and long-term incentive payments, on top of his 2m fixed pay. Shell sold its Russian retail business in May but it still received a 138million dividend in April from its Russian oil and gas venture, part of Sakhalin Energy, because the consortium is registered in Bermuda. Shell is planning to appeal part of the ruling. "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. Shell is a major component of the UK's leading share index. Ben van Beurden dismissed splitting its legacy oil and gas business from its renewables investment, a move urged by activist shareholder Third Point. "I am very proud of what we have achieved together. 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. Shell currently has a global carbon footprint the size of Russia's if you include the emissions from customers using Shell products. 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. Before that he received 10m in 2019 and 20m in 2018, a record if excluding 2014 when pension calculations inflated his reported salary. Ben van Beurden - Biography | Mercedes-Benz Group > Company > Corporate Governance > Supervisory Board The Hague. Mr van Beurden says these estimates are speculative and insists Shell is on track, having cut the carbon intensity of its own operations by 17% since 2016. 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.'. Van Beurden was paid 57 times more than the median Shell worker in 2021, according to the companys annual report. Shares of Shell rose 0.7% during early morning deals in London. 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. In an interview, Shell CEO Ben van Beurden insists he doesnt run an oil company any more. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 'It is outrageous that oil and gas bosses are raking in millions in bonuses while families struggle to heat their homes,' he said. Van Beurden said last week: Our decision to exit is one we take with conviction. However, in his foreword to the annual report he described the exit as in line with government guidance, referring to the heavy pressure thought to be exerted by the UK government as it sought to isolate Russias economy. Shell is a major component of the UK's leading share index. 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The next day he gave a keynote speech which built on the theme and argued for change in the oil and gas industry. Mr van Beurden was in charge when Shell bought gas giant BG Group for 36bn in 2015, and when the firm moved its headquarters to London earlier this year. 4. Analysts said the appointment of Mr. Sawan, a dual citizen of Lebanon and Canada who grew up in Dubai, was unlikely to herald revolution at Shell. Shell's former chief executive took home 9.7 million in pay and bonuses in 2022, up 53 per cent on the previous year, the firm's annual report has revealed. 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. I am grateful and I know I would not be standing here without the work of so many others. As global demand for oil and gas plunged last year, Shells profit tumbled to a two-decade low while its shares hit their lowest since the 1990s. "We will be disciplined and value focused, as we work with our customers and partners to deliver the reliable, affordable and cleaner energy the world needs.". 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. Supervisory Board Mercedes-Benz Group AG - Shareholder Representative. As the recent energy crisis brutally exposed, the UK along with the rest of the world is still hugely reliant on fossil fuel. "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.". Fat cat Ben van Beurdens company made 9.5billion profit in the past three months alone more than double the same period last year on the back of Russias invasion of Ukraine. Ben van Beurden was paid 57 times more than median Shell worker, according to oil firms annual report. Commenting on Ben van Beurden, Sir Andrew said: "Ben can look back with great pride on an extraordinary 39-year Shell career, culminating in nine years as an exceptional CEO. She added: 'It's a sign of just how broken our energy system is that Shell and other fossil fuel companies have made record-breaking profits from an energy crisis that's forcing families to choose between heating their homes and putting food on the table. 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. Got a confidential news tip? Global Business and Financial News, Stock Quotes, and Market Data and Analysis. The Dutchman, on 6.2million a year, said: We cannot perform miracles. What will climate change look like for you? 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. We want to hear from you. Royal Dutch Shell CEO, Ben van Beurden was allowed to speak uninterrupted for the first portion of the panel. We are no longer accepting comments on this article. Ben van Beurden became Chief Executive Officer (CEO) on January 1, 2014. Others point out that if Shell itself were to sell its oil and gas business, those assets would be hoovered up by companies that might be less transparent and less inclined to make the effort to decarbonise. ', The comments below have not been moderated, By There is growing clamour on the part of many pension fund trustees and their scheme members to dump or divest shares in fossil fuel businesses to starve them of capital. It's much better to engage with companies and use your influence as a shareholder. 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. Mr. van Beurden will continue working as . Non-governmental organisation Global Witness said former Shell boss Ben van Beurden's pay package for 2022 was 294 times the UK's median salary. It is completely unfair at a time when the Conservative government is choosing to put people's energy bills up. According to The Guardian, Shell's CEO pays more than doubles to 17.2m. Shell's annual report showed that 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 salary. Ben van Beurden has served as Shells chief executive since 2014. has also been in the forefront among oil industry chief executives, suffered a bitter blow last year when a court, Afterward, Mr. van Beurden led a move of the companys, less than a year ago, Third Point, a major hedge fund. THE mega-rich boss of Shell sparked outrage yesterday by shrugging off the fears of consumers struggling with rocketing fuel bills. Please enter valid email address to continue. Wael Sawan, currently Shell's director of integrated. It produces and imports oil and gas which is then sold to energy companies, manufacturers and industries. The outgoing CEO oversaw Shell's biggest acquisition in decades with the $53 billion purchase of rival BG Group in 2016, guided the company through a historic collapse in energy demand as a result of the coronavirus pandemic, and faced intensifying investor pressure to slash the firm's greenhouse gas emissions. `, "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.". The oil major announced on Thursday that former BHP Chief Executive Andrew Mackenzie would become its next chairman to succeed Charles Holliday, who steps down on May 18 after being in the role for six years. 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. In February he sold 190,000 of his shares at an average price of 20.40 per share, raking in another 3.876million. His property inWassenaar, the Netherlands, was said to have cost him 3.3million at the time, and reportedly had a lawn like a 'billiard table', a sauna, marble floors and a pond. He is one of the highest-earning executives at the Royal Dutch Shell Plc since the pay rise. Shell boss Ben van Beurden talks to BBC News exclusively about its transition to net zero. "In fact, they will be increasing emissions until 2030, and still be producing significant amounts of emissions in 2050," she says. London-based Shell paid Ben van Beurden a total of 9.7 million pounds ($11.5 million) in 2022 as annual company profits doubled to an all-time high of $40 billion because Russia's war in Ukraine sent oil and gas prices soaring. No sooner had Shell CEO Ben van Beurden delivered remarks at the TED Countdown Summit in Edinburgh, trumpeting Shell's efforts to combat the climate crisis, did a fellow panellist look him in the eyes and tell him he should be "absolutely ashamed with himself." Lauren MacDonald, a young climate activist, had waited patiently for her turn to speak. If you have a pension you are almost certainly a part owner of Shell, BP and other oil and gas companies. Danya Bazaraa For Mailonline Jan 09, 2017 - Shell CEO Ben van Beurden on the year just gone, and the year to come. 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. `, "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.". ICE Limitations. 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.. Average weekly earnings for British people rose by 4.3% in the year to December, meaning their real wages fell because of inflation, caused in part by higher energy prices. California bill that would hit oil profits gets stuck in. 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. "These things can only be done if you have a facility (like Pernis) to work with and if you have the cash. 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. The Shell chief executive Ben van Beurdens pay rose by a quarter in 2021 to 6m, as the fossil fuel producer benefited from soaring energy prices amid calls for a windfall tax on energy companies. He seemed to enjoy sessions with journalists and was willing to engage with even harsh critics. Oil and gas companies have argued that money for a windfall tax would have to come from their budget earmarked for long-term investments. 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. If you divest, you lose that influence," said Sandy Boss, head of investment stewardship. Video, The secret mine that hid the Nazis' stolen treasure, Why the COP26 climate summit is important. By Ben van Beurden On Jun 8, 2021 Should a court single out an energy company to reduce its carbon emissions? He is well versed in the petroleum-rich Middle East, and formerly ran Shells business in Qatar.

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