Two shareholder-advisory firms recommended investors vote against the Royal Dutch Shell Plc Chief Executive Officer Ben Van Beurden’s pay, saying his bonus is “excessive.” A third adviser said shareholders should give “qualified support.”
Van Beurden’s annual bonus, equivalent to 245 percent of his salary last year, was not acceptable, Pensions & Investment Research Consultants Ltd. said in an e-mail on Tuesday. Advisory firm Glass Lewis also said shareholders should oppose the pay deal.
Brent crude prices fell 35 percent in 2015, driving down oil companies’ earnings. Shell, which completed the acquisition of BG Group Plc this year, suffered a 31 percent decline in shares and a 53 percent drop in adjusted net income. A majority of shareholders rejected BP Plc CEO Bob Dudley’s 20 percent pay increase last month in an advisory vote.