Daily Mail (UK): Bonus bonanza for Shell bosses (ShellNews.net)
This Is Money
1 November 2004,
SHELL'S new chief executive Jeroen van der Veer is to be handed a beefed-up pay package as part of the planned merger of the firm's Dutch and British arms.
Van der Veer and other executive directors will see the amount they take home increase following the proposed merger next April.
The Dutchman earned a basic salary of £785,000 last year, a figure which is unlikely to change. But he and fellow bosses - including finance chief Peter Voser and exploration boss Malcolm Brinded - will benefit from new performance targets worth millions of pounds.
The bonus scheme will be introduced as the new enlarged company, Royal Dutch Shell, makes its mark as one of the largest members of the FTSE 100, the leading share index.
Van der Veer took over from disgraced Sir Philip Watts in March. Watts, chairman of the committee of managing directors, was ousted following the reserves scandal which ultimately led to last week's decision to merge Royal Dutch Shell and Shell Transport and Trading.
The reward scheme would bring Shell in line with rival BP. Lord Browne, BP's chairman, took home £3.2m last year.
A Shell spokesman declined to comment.