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(Bloomberg) — Shell Plc shareholders approved a new policy that could award larger bonuses to executive directors, moving the company closer to compensation levels at its US rivals.
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The vote, more than 95% in favor at Shell’s annual meeting in London on Tuesday, raises the maximum long-term share award for Chief Executive Officer Wael Sawan from 600% to 900% of salary. Chief Financial Officer Sinead Gorman’s bonus ceiling also increases.
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For Europe’s largest energy company, the policy increases the potential incentives for top executives at a moment when UK boards are pushing to narrow the transatlantic pay gap. Sawan’s total compensation package could now reach more than £19 million ($25 million) in 2026, excluding pension contributions.
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That compares with the £13.8 million Sawan earned in 2025 — which itself was up almost 60% from a year earlier — but remains well below recent pay awards for Exxon Mobil Corp CEO Darren Woods and Chevron Corp.’s Mike Wirth.
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Among European peers, TotalEnergies SE’s Patrick Pouyanne received roughly €10.4 million ($12 million) in his latest disclosure, while BP Plc’s new CEO Meg O’Neill’s maximum annual package could reach more than £12 million.
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Shell’s total shareholder returns have outperformed peers since Sawan took office, and the company has said the higher payout reflects that relative performance. His total compensation would have been greater without reductions linked to fatal accidents in Argentina, Malaysia and the UK.
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Shell said the pay change moves the CEO’s total compensation from around the 25th percentile to just below the median of its peer benchmarking group, which includes the other oil majors and large multinational companies such as AstraZeneca Plc, Siemens AG and Volkswagen AG. The board said the policy is needed to align incentives with peers active in similar geographies and industries.
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