London — Royal Dutch Shell CEO Ben van Beurden saw his pay package more than double to €20.1m in 2018, mainly thanks to a bonus and an incentive plan for delivering on targets, the oil company said on Thursday. It was the second highest pay on record for Van Beurden since he became CEO in 2014 and received €24.2m that year — mainly because of changes in pension payments and tax calculations as a result of his promotion. As the oil prices plunged, his pay fell to €5.6m in 2015, before recovering to €8.6m in 2016 and €8.9m in 2017. Shell said Van Beurden's role was critical in successfully integrating rival BG, delivering on a $30bn divestment plan and "leading the sector in framing a methodology for aligning with the Paris [climate change] agreement". “We reviewed Shell's CEO pay ratio externally against the ratios that we see in other FTSE 30 companies, which we calculated based on their disclosed employee numbers and employee costs," Shell's remuneration committee said. “We believe...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now