Shell shareholders revolt over executive pay

19th May 2009 15:56

Shareholders gave Shell a piece of their mind at today's annual meeting, with almost 60% voting against the oil giant's executive wage plan.The Anglo-Dutch group awarded directors big share-based bonuses despite missing targets. They could have earned as much as 200% of their pay in shares if the company had beaten three peers. It came fourth."We are taking this very seriously and we will be meeting with shareholders to take the right decisions," said chairman Jorma Ollila."We have already introduced additional performance measures for future awards reflecting on comments from shareholders."Standard Life Investments was among the dissenters, angry at the board's decision to exercise discretion again. Almost 8% objected to last year's remuneration packages.Shareholders have become far more vocal since the start of the economic slowdown and subsequent slump in share prices, especially at the banks.More than a third opposed this year's pay awards proposed by both rival BP and miner Xstrata. High street retailer Next has also misjudged the mood, with today's AGM arousing objections from 18% of shareholders holding 22.4m shares.