The Wall Street Journal: Royal Dutch In Dispute With Regulator Over Bonus
DOW JONES NEWSWIRES
May 15, 2004 8:09 a.m.
LONDON -- Royal Dutch/Shell (RD, SC) has clashed with the Dutch financial regulator investigating the company's reserves crisis over a bonus package granted to its chairman, the Financial Times reported Saturday.
The Netherlands Authority for Financial Markets, AFM, said bonus packages should be registered with them, but a Shell legal adviser said there is no legal obligation for the company to announce the potential multi-million pound share bonus plan for chairman Jeroen van der Veer at this time as the award is conditional, the FT said.
The long-term performance incentive bonuses of Royal Dutch shares for van der Veer and another senior executive, which weren't disclosed to the AFM, would be paid out after three years and only if Shell 's shareholder return beats its closest peers, a condition that has not yet been met, the FT said.
-London Bureau, Dow Jones Newswires; +44 (0)207-842-9366