Former Shell boss Ben van Beurden's pay package jumps to £9.7m

Former Shell brag Ben van Beurden received a wage bundle of £9.7m past year, up much than 50% from 2021.

Shell reported the highest yearly profits successful its 115-year past past twelvemonth aft a surge successful vigor prices pursuing Russia's penetration of Ukraine.

Massive profits made by vigor firms person added to unit to taxation them much arsenic households conflict with rising vigor bills.

Shell made a grounds $39.9bn (£32.2bn) nett successful 2022, treble the erstwhile year's total.

When its results came retired successful February, absorption parties said the company's profits were "outrageous" and that the authorities was letting vigor firms "off the hook" connected taxation.

In 2021, Mr van Beurden was paid the equivalent of £6.3m - helium was paid successful euros due to the fact that Shell had yet to determination its office from the Netherlands to Britain.

He was replaced connected 1 January this twelvemonth by Wael Sawan, the erstwhile caput of Shell's state and renewables business.

The yearly study said Mr Sawan was appointed connected a wage of £1.4m, though performance-related payments tin often adhd to the wide wage bundle considerably. Mr van Beurden's wage was £1.4m successful 2022.

Mr van Beurden's wage bundle was criticised by quality rights and situation foundation Global Witness.

"It's a motion of conscionable however breached our vigor strategy is that Shell and different fossil substance companies person made record-breaking profits from an vigor situation that's forcing families to take betwixt heating their homes and putting nutrient connected the table," said Alice Harrison, fossil fuels run person astatine Global Witness.

"We're calling connected the UK authorities to instrumentality a people-first windfall taxation successful adjacent week's Spring Budget, which includes enforcement bonuses."

Inflation successful the UK has been soaring, with immense increases successful the outgo of vigor a cardinal factor.

As prices emergence crossed the board, putting unit connected struggling households, truthful lipid and state firms person been coming nether governmental pressure.

When helium was chancellor, Prime Minister Rishi Sunak brought successful a 25% vigor profits levy.

This was accrued to 35% from January 2023 by existent chancellor Jeremy Hunt, and volition tally until 2028.

The levy applies to profits made from extracting UK lipid and gas, but not connected refining, oregon selling petrol and diesel.

Less than 5% of Shell's profits travel from UK production.

The strategy was criticised due to the fact that it allowed lipid firms to assertion backmost 91p successful each lb invested, including successful lipid and gas. This concern allowance volition beryllium reduced from 80% to 29% from 1 January.