During much of his time as chief executive, Mr. van Beurden courted Russia and, especially, Gazprom, the state-controlled gas exporter. Mr van Beurden was speaking at Europe's biggest oil refinery at Pernis near Rotterdam, a facility he plans to transform from refining petrol and diesel, to making biofuels and hydrogen over the next decade. And less than a year ago, Third Point, a major hedge fund, was calling for Shells breakup. He said: "Why would you say: Let's not get our oil and gas demands from our own resources but let's import from somewhere else, probably with a larger carbon footprint. Shell's market capitalisation is around 155 billion pounds ($210 billion). Wael Sawan, currently Shell's director of integrated. The 64-year-old has pocketed more than 70million in his time as CEO and is looking to buy a mansion in London after Shell moved its headquarters to the UK last year. But when they are paying out such huge sums to wealthy investors and top earning staff that argument looks laughably weak. The total pay package of Ben van Beurden, who stood down at the end of last year, rose from 6.3m in 2021 to 9.7m in 2022. He joined Shell in 1983, after graduating with a Master's Degree in Chemical Engineering from Delft University of Technology in the Netherlands. Shell chief's pay rose by a quarter in 2021 to 6m He added only a miracle could help consumers with their soaring bills. Fossil Fuel Villain of the Year: Shell CEO Ben van Beurden `, "If you want to destroy the faith by driving up energy prices, by creating shortages or market failures, I think politicians are going to lose societal acceptance that this is actually doable.". Activist Lauren MacDonald was also asked to share the stage with the fossil fuel boss . First published on March 9, 2023 / 6:21 PM. But oil and gas is not just a legacy business. Businesses that truly want to serve society should be happy to contribute a slightly higher rate of tax at a time when they are having a bonanza year, through pure good luck rather than their own hard work or innovation, while society as a whole is struggling with rising costs, stagnating wages and further economic turmoil.. It plans to spend four times as much on oil and gas development as on renewables next year. As the recent energy crisis brutally exposed, the UK along with the rest of the world is still hugely reliant on fossil fuel. Ron has covered since 2014 the worlds top oil and gas companies, focusing on their efforts to shift into renewables and low carbon energy and the sector's turmoil during the COVID-19 pandemic and following Russia's invasion of Ukraine. Read about our approach to external linking. He also received a motoring allowance of 14,400 and money to pay for transport between his home and the office of 2,494. The 190,000 shares were sold at an average prices of 20.40 pounds per share, a day before they hit their highest level since January 2020 at 20.80 pounds. Wael Sawan will become Shell's next chief executive on Jan. 1. The ability of Mr. van Beurden, who is Dutch, to navigate in the European political and cultural environment in which Shell must operate may be missed. Oil giant Shell says it needs oil to pay for green shift - BBC News To stand here today as Energy Executive of the Year is a true pleasure for me. I stand, as the saying goes, on the shoulders of giants. Our Standards: The Thomson Reuters Trust Principles. It has now been confirmed that Sawan will take over. Others point out that if Shell itself were to sell its oil and gas business, those assets would be hoovered up by companies that might be less transparent and less inclined to make the effort to decarbonise. He also oversaw Shell's commitment to. Most Facebook users can now claim settlement money. 2023 The Associated Press. After graduating from Delft University with a degree in chemical engineering, Ben joined Shell in 1983. `, "If you want to destroy the faith by driving up energy prices, by creating shortages or market failures, I think politicians are going to lose societal acceptance that this is actually doable.". But MP Darren Jones whose Business, Industrial, Energy and Strategy select committee held an inquiry into the energy market insisted: They havent made this money because they are brilliant. Shell intends to appeal that court judgement. That reliance needs to be managed down over time according to Mr van Beurden otherwise we will see price shocks in the future that will be counterproductive. Carol Massar and Tim Stenovec host a look back at the best interviews, discussions and more. Reports last year said the property was up for sale for5.5million. Mr van Beurden says these estimates are speculative and insists Shell is on track, having cut the carbon intensity of its own operations by 17% since 2016. Read about our approach to external linking. His property inWassenaar, the Netherlands, was said to have cost him 3.3million at the time, and reportedly had a lawn like a 'billiard table', a sauna, marble floors and a pond. Read more: British Gas owner's profits soar to 3.3BILLION. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. By Ben van Beurden On Jun 8, 2021 Should a court single out an energy company to reduce its carbon emissions? His wage is 143 times higher than the average pay of the company's UK workforce. Shell's annual report showed that Ben van Beurden's pay jumped from 6.3 million in 2021, with the 2022 figure including a 2.6 million annual bonus and a 4.9 million long-term shares award on top of his 1.4 million annual salary. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. How extreme weather is linked to climate change, More than 100 police hurt in French May Day protests, MasterChef Australia host Jock Zonfrillo dies, Explosion derails train in Russian border region, Trump mistrial request denied in NY rape lawsuit, US rock band Aerosmith announce farewell tour, Street piano confiscated as public 'break rules', Russia launches missile attacks on Ukraine, DeSantis-backed board votes to countersue Disney, Father tells how gunman opened fire on Texas home. He added: 'We fully appreciate the difficulties that the cost-of-living crisis is causing many people across the world. In 2019, Van Beurdens remuneration had also dropped by 51%. "You can't divest from the world. Embracing Evolution | Shell Global Oil giant Shell on Thursday announced that CEO Ben van Beurden will step down at the end of the year after nearly a decade at the helm. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. | Learn more about Ben van Beurden's work experience, education, connections & more by visiting their profile on LinkedIn He will be succeeded by Wael Sawan, who currently heads a unit that includes the companys lucrative liquefied natural gas business and its investments in clean energy, including wind and solar power. And, as critics warned, the company remains saddled with debt from its $53 billion acquisition of BG Group in 2015. articles a month for anyone to read, even non-subscribers. Shell CEO sells $5.2 million of shares | Reuters "At this point in time [the cash] comes from our legacy business," he said. Get browser notifications for breaking news, live events, and exclusive reporting. "At this point in time [the cash] comes from our legacy business," he said. As long as there is demand for fossil fuels. Danya Bazaraa For Mailonline. Sign up to the daily Business Today email or follow Guardian Business on Twitter at @BusinessDesk, Original reporting and incisive analysis, direct from the Guardian every morning, 2023 Guardian News & Media Limited or its affiliated companies. The London-listed company said Thursday that Mr. Sawan would assume the position on Jan. 1, when Mr. van Beurden steps down after nine years in the role. That demand can be influenced by government carrot or stick, companies can be squeezed by financiers but consumer behaviour will ultimately determine whether the world can hit net zero by 2050. Analysts said the appointment of Mr. Sawan, a dual citizen of Lebanon and Canada who grew up in Dubai, was unlikely to herald revolution at Shell. And, as critics warned, the company remains saddled. Seen here speaking at an event in Germany in 2013, Sawan has held roles in downstream retail and various commercial projects during his 25-year career at Shell. Shell's former chief executive took home 9.7 million in pay and bonuses in 2022, up 53 per cent on the previous year, the firm's annual report has revealed. Is climate change killing Australian wine? Van Beurdens pay rise, to 7.4m (6.1m) in 2021 from 5.8m (4.9m) the year before, came amid widespread calls, including from the Labour party, for booming energy companies to pay a windfall tax on profits as people in Britain and beyond struggle with a cost-of-living crisis. "I'm looking forward to channelling the pioneering spirit and passion of our incredible people to rise to the immense challenges, and grasp the opportunities presented by the energy transition," Sawan said in a statement, adding that it was an honor to follow van Beurden's leadership. The deal was criticized as too expensive at the time but looks wiser at current prices, analysts say. PDF Working together to build a lower carbon, higher energy future Wael Sawan, who spent most of his career on the oil and gas side of Shell before moving recently to its liquefied natural gas and renewable energy unit, will take over Europes largest energy company. See here for a complete list of exchanges and delays. Video, The secret mine that hid the Nazis' stolen treasure, Why the COP26 climate summit is important. Ben van Beurden Biography, Age, Height, Wife, Net Worth, Family That demand can be influenced by government carrot or stick, companies can be squeezed by financiers but consumer behaviour will ultimately determine whether the world can hit net zero by 2050. Shell Names New CEO as Longtime Boss Steps Down - WSJ Shu Ling Liauw from research firm Global Climate Insights has analysed the oil firm's spending plans and estimates that Shell will be producing more emissions by 2030 than it is now as it intends to grow its gas business. Member of the Presidential Committee, the Mediation Committee and the Nomination Committee. Shares of Shell rose 0.7% during early morning deals in London. Ben van Beurden dismissed splitting its legacy oil and gas business from its renewables investment, a move urged by activist shareholder Third Point. These profits are down to speculators gambling on the Ukrainian crisis. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. "It has been a privilege and an honour to have served Shell for nearly four decades and to lead the company for the past nine years," van Beurden said. All rights reserved. Others point out that if Shell itself were to sell its oil and gas business, those assets would be hoovered up by companies that might be less transparent and less inclined to make the effort to decarbonise. Shell, Europe's largest oil company, said on Thursday that Ben van Beurden, who has served as chief executive since 2014, would step down at the end of the year . Mr. van Beurden also took flak during the pandemic for slashing Shells dividend for the first time since World War II, as oil and gas prices plummeted. See here for a complete list of exchanges and delays. The boss of oil giant Shell has insisted it can transition to net zero by 2050, but it will need the cash from its oil and gas business to pay for it. 'We're calling on the UK Government to implement a people-first windfall tax in next week's Spring Budget, which includes executive bonuses, and to ensure a rapid transition to homegrown renewable energy sources that are cleaner and cheaper than oil and gas, and better for energy security.'. Shell CEO to Step Down as Oil Giant Looks to Climate Goals - US News Most populous nation: Should India rejoice or panic? Van Beurden stepped down at the end of last year and was replaced by Wael Sawan, who will be paid a base salary of 1.4 million pounds and a bonus that's expected to be bigger than the salary, the report said. It produces and imports oil and gas which is then sold to energy companies, manufacturers and industries. If you divest, you lose that influence," said Sandy Boss, head of investment stewardship. Video, The secret mine that hid the Nazis' stolen treasure, Why the COP26 climate summit is important. Liberal Democrat leader Ed Davey has said that the money that oil and gas companies made after Russia launched a full-scale invasion of Ukraine last February should be helping struggling families. UK firms forced to show how they will hit net zero, More than 20,000 Russians dead in Bakhmut, US says, France May Day protests leave dozens of police injured, Fighter jets are roaring over my home in Sudan. The industry leader for online information for tax, accounting and finance professionals. Van Beurden's pay includes a 2.6 million-pound bonus and 4.9 million pounds worth of stock, according to the company's annual report. According to The Guardian, Shell's CEO pays more than doubles to 17.2m. The footage showed water being poured over him by his two young daughters from buckets which were reportedly Veuve Clicquot champagne coolers. He said: "Why would you say: Let's not get our oil and gas demands from our own resources but let's import from somewhere else, probably with a larger carbon footprint. 10 Things You Didn't Know About Ben van Beurden - Money Inc The unprecedented hit to the energy sector last year due to the pandemic, which briefly knocked benchmark U.S. oil prices into negative territory, forced Shell to cut its dividend for the first time since World War Two. Thriving through the energy transition | Shell Global He attended a state banquet for the Mexican president at Buckingham Palace in 2015, one for the King and Queen of the Netherlands in 2018 and another the next year for US President Donald Trump. Shell former chief executive Ben van Beurden took home 9.7m in 2022 Read Ben van Beurden's acceptance speech on his personal journey to purpose here. A Division of NBCUniversal. At a time when Brits are struggling to keep up with rising food, fuel and energy bills, his pay jumped by more than a quarter last year and is 57 times more than the average Shell employee. Shell said van Beurden would continue to work as an advisor to the Board through to June 30 next year, after which he will leave the company. "You can't divest from the world. Shells Chief Executive, Ben van Beurden, to Step Down, https://www.nytimes.com/2022/09/15/business/shell-ceo-van-beurden.html. Tough choices on the road to a lower-carbon world Jan 08, 2016 - Shell CEO Ben van Beurden reflects on business challenges and opportunities, and Shell's role in the transition to a cleaner energy future. Legal Statement. Born on 23 April 1958, Van Beurden is a Dutch citizen. After Russia invaded Ukraine this year, he was quick, though, to begin severing those ties, including a valuable natural gas export joint venture on Sakhalin Island in the Russian Far East. 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