Royal Dutch Shell Plc Chief Executive Officer Peter Voser’s compensation more than doubled to 11.7 million euros ($15.3 million) in 2011 from the previous year after long-term incentive bonuses and awards were vested.
Voser’s total compensation included 6.5 million euros in awards that form part of Shell’s long-term incentive awards and deferred bonus plan, it said in an annual report today. Voser, who got 5.5 million euros in total compensation in 2010, had a base salary of 1.55 million euros and a bonus of 3.5 million euros in 2011. The base salary will increase by 3.2 percent to 1.6 million euros this year, the report said.
The severance payment for Malcolm Brinded, who will step down as executive director for exploration and production in April, was 2.52 million euros, Shell said. Brinded received 1.175 million euros as a base salary and a bonus of 2 million euros and his total compensation over 2011 was 11.4 million euros, according to the report.
Shell, Europe’s largest oil company, saw production fall 3 percent to 3.2 million barrels of oil equivalent a day last year. The Anglo-Dutch company’s projects in Qatar will prop up extraction and help to generate surplus cash with oil above $100 a barrel.
“Shell’s remuneration policy firmly links executive compensation with the performance of the company, and the 2011 outcome reflects what was a positive year for the company,” Jonathan French, a London-based spokesman for Shell, said in an interview.