March 15 (Bloomberg) -- Peter Voser, chief executive officer of Royal Dutch Shell Plc, earned four times as much as BP Plc CEO Robert Dudley last year as BP suffered from the Gulf of Mexico oil spill.
Voser earned $7.3 million in 2010 in salary and bonus as operations exceeded targets and the company achieved its best safety record, Shell’s annual report showed today. Dudley earned $1.7 million, foregoing his bonus after the company took responsibility for the Macondo well disaster that killed 11 workers and started the worst U.S. spill.
Shell aims to increase output of oil and gas by 12 percent by 2014 while BP this year declined to set production targets following more than $20 billion asset sales to help pay for the spill. Tony Hayward, the BP CEO who lost his job following the accident, was paid $6 million in 2009, more than Voser.
“2010 was a good year for Shell,” Voser wrote in the report. “We are delivering on our strategy, which is based on performance now, growth from new projects and creating options for the future.”
Voser’s pay last year almost doubled from the $4.6 million he received in 2009, when he was promoted to CEO. Simon Henry, Voser’s successor as chief financial officer, saw his earnings double to $3.8 million as he rose from an executive vice-president position.
Shell froze management salaries in 2009 after shareholders objected to pay awards in which executives received bonuses even after performance targets were missed. Voser and Henry will receive salary increases of 3.3 percent and 4.7 percent respectively this year.
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