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It comes after the oil giant posted a record 84.3 billion US dollar (71.1 billion) profit for 2022 as it benefited from soaring energy prices, branded as 'obscene' at the time amid heavy criticism over the amount of tax paid by the group. Van Beurden said Shell did not make a profit from supplying energy directly to UK households, but it has profited enormously from wholesale energy prices soaring. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. 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. In 2014, a video was shared ofvan Beurden doing the then popular 'ice bucket challenge'. 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. "Even if you're very generous, and assume they get all the amounts of carbon capture and storage and offsets that they need, they might just miss their 2030 targets, and they will not be able to deliver on 2050. 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. Exclusive news, data and analytics for financial market professionals, Reporting by Ron Bousso Editing by Jason Neely and Mark Potter, As oil output peaks, US Gulf of Mexico makes room for carbon capture, Oil drops 1% as economic growth concerns offset OPEC+ cuts, U.S. April oil exports top forecasts on Chinese demand, Enbridge acquires gas storage facility in British Columbia for $295 million, IMF lauds 'quick and orderly resolution' of First Republic by US regulators, FDIC sees merits of increasing backstop for business accounts, IMF's Georgieva says more vulnerabilities in banking sector may be exposed. Most Facebook users can now claim settlement money. and renewable energy unit. 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. A dual Lebanese-Canadian national, Sawan has held roles in downstream retail and various commercial projects during his 25-year career at Shell. Im very mindful that is a difficult message to hear, but it is what it is. `, "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.". The deal was criticized as too expensive at the time but looks wiser at current prices, analysts say. LONDON (AP) Shell CEO Ben van Beurden is stepping down at the end of 2022 after nine years in charge, the energy giant said Thursday, a change that comes as oil and natural gas companies are . Demands have increased for oil and gas companies raking in huge profits to do more to reduce high energy costs that are hurting consumers and small businesses. First published on March 9, 2023 / 6:21 PM. Ben van Beurden has served as Shells chief executive since 2014. has also been in the forefront among oil industry chief executives, suffered a bitter blow last year when a court, Afterward, Mr. van Beurden led a move of the companys, less than a year ago, Third Point, a major hedge fund. And less than a year ago, Third Point, a major hedge fund, was calling for Shells breakup. In 2015, shortly after becoming chief executive, Mr. Beurden led one of the largest industry takeovers in years, the acquisition of BG, a British oil and gas company that was a major player in L.N.G., for $70 billion. Our Standards: The Thomson Reuters Trust Principles. He has been given an undisclosed relocation and housing allowance and is selling his 5.2million eight-bed villa in Holland. See here for a complete list of exchanges and delays. Jan 09, 2017 - Shell CEO Ben van Beurden on the year just gone, and the year to come. Talking exclusively to the BBC, he said the company's plans for greener energy could only be funded by oil and gas. 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 . He has held a number of operational and commercial 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. As a subscriber, you have 10 gift articles to give each month. Mr. van Beurden suffered a bitter blow last year when a court in the Netherlands, then Shells home country, ordered it to move much faster on reducing emissions. As adviser to the Board, I am supporting Shell to deliver on our Powering Progress strategy that sets out to provide the energy the world needs today while building the energy system of the future. The CEO of Shell, Ben Van Beurden receives a salary of $9,963,000, according to Wallmine . Fat cat Ben van Beurden's company made 9.5billion profit in the past three months alone more than double the same period last year on the back of Russia's invasion of Ukraine. Shares of Shell rose 0.7% during early morning deals in London. 'Rishi Sunak's refusal to properly tax these eye-watering bonuses and record profits is mind boggling and shows how out of touch he is. 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. Ben van Beurden - Biography | Mercedes-Benz Group > Company > Corporate Governance > Supervisory Board The Hague. Copyright 2023 CBS Interactive Inc. All rights reserved. Average weekly earnings for British people rose by 4.3% in the year to December, meaning their real wages fell because of inflation, caused in part by higher energy prices. The pay package for Shell's CEO jumped by half last year to nearly $12 million, the fossil fuel giant said Thursday, as oil and gas companies made record profits from skyrocketing energy costs that have driven a cost-of-living crisis. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Shell is planning to appeal part of the ruling. As long as there is demand for fossil fuels. Afterward, Mr. van Beurden led a move of the companys headquarters to London, mostly citing tax reasons. His wage is 143 times higher than the average pay of the company's UK workforce. No sooner had Shell CEO Ben van Beurden delivered remarks at the TED Countdown Summit in Edinburgh, trumpeting Shell's efforts to combat the climate crisis, did a fellow panellist look him in the eyes and tell him he should be "absolutely ashamed with himself." Lauren MacDonald, a young climate activist, had waited patiently for her turn to speak. THE mega-rich boss of Shell sparked outrage yesterday by shrugging off the fears of consumers struggling with rocketing fuel bills. He is well versed in the petroleum-rich Middle East, and formerly ran Shells business in Qatar. Non-governmental organisation Global Witness said former Shell boss Ben van Beurden's pay package for 2022 was 294 times the UK's median salary. But when they are paying out such huge sums to wealthy investors and top earning staff that argument looks laughably weak. Read the speech 'Embracing Evolution' here. 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. During much of his time as chief executive, Mr. van Beurden courted Russia and, especially, Gazprom, the state-controlled gas exporter. But oil and gas is not just a legacy business. Shell is a major component of the UK's leading share index. Shell paused Van Beurdens annual bonus during the first year of the pandemic. Shell is a major component of the UK's leading share index. He added: 'We fully appreciate the difficulties that the cost-of-living crisis is causing many people across the world. 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. Royal Dutch Shell Chief Executive Ben van Beurden's pay package dropped by 42% to $7 million in 2020, a year in which the coronavirus pandemic pushed the energy company to a historic dividend cut . Mr van Beurden says the decision on the Cambo oilfield is ultimately one for government but says it makes no sense to substitute UK resources for foreign imports to satisfy domestic demand. He also oversaw Shell's commitment to. Shell intends to appeal that court judgement. I am grateful and I know I would not be standing here without the work of so many others. VideoThe secret mine that hid the Nazis' stolen treasure, LGBT troops take love for Eurovision to front line, Why an Indian comedian is challenging fake news rules. CEO Ben van Beurden on a ruling by the District Court in The Hague that Shell must reduce its carbon emissions even faster than planned. Ben van Beurden was paid 57 times more than median Shell worker, according to oil firms annual report. 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The news follows speculation that Shell had been actively looking for a successor to replace van Beurden as chief executive. All Rights Reserved. Reuters reported at the start of September, citing two unnamed sources, that Shell's board succession committee had met several times in recent months to draw up plans for van Beurden's departure and interview potential successors. Shell currently has a global carbon footprint the size of Russia's if you include the emissions from customers using Shell products. The FTSE 100 company reported record profits during 2021, thanks in part to a gas price surge in the final three months of the year amid a rebound in demand for commodities as the global economy recovered from coronavirus pandemic lockdowns. The oil major announced on Thursday that former BHP Chief Executive Andrew Mackenzie would become its next chairman to succeed Charles Holliday, who steps down on May 18 after being in the role for six years. It is completely unfair at a time when the Conservative government is choosing to put people's energy bills up. 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. California bill that would hit oil profits gets stuck in. 4. 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 . We want to hear from you. "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. 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. Commenting on Ben van Beurden, Sir Andrew said: "Ben can look back with great pride on an extraordinary 39-year Shell career, culminating in nine years as an exceptional CEO. Mr. Sawan is well respected by the investor community, and the shift is likely to be more of a continuation of strategy set under Mr. van Beurden, said Biraj Borkhataria, an analyst at RBC Capital Markets, an investment bank, in a note to clients. 2023 BBC. As powerful as Shell is, its customers may be more powerful. 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.. After graduating from Delft University with a degree in chemical engineering, Ben joined Shell in 1983. All Rights Reserved. He joined Shell in 1983, after graduating with a Master's Degree in Chemical Engineering from Delft University of Technology in the Netherlands. Read about our approach to external linking. 07:50 EDT 09 Mar 2023. Get this delivered to your inbox, and more info about our products and services. Its very short-sighted for them to redistribute their wealth through share-buybacks instead of helping customers.. Member of the Presidential Committee, the Mediation Committee and the Nomination Committee. Mr. van Beurden, 64, whose departure was not a surprise, has steered Shell through a turbulent time and is leaving on a high note at least for investors in oil and gas, who are seeing record profits and payouts. Ben van Beurden dismissed splitting its legacy oil and gas business from its renewables investment, a move urged by activist shareholder Third Point. As global demand for oil and gas plunged last year, Shells profit tumbled to a two-decade low while its shares hit their lowest since the 1990s. The BBC is not responsible for the content of external sites. Royal Dutch Shell CEO, Ben van Beurden was allowed to speak uninterrupted for the first portion of the panel. Born on 23 April 1958, Van Beurden is a Dutch citizen. Shell is also expected to make its best efforts to reduce the emissions of its customers - which make up 90% of Shell's overall carbon footprint. A Shell spokesperson said van Beurden's decision to sell was "a private matter". 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. By Ben van Beurden On Jun 8, 2021 Should a court single out an energy company to reduce its carbon emissions? The Sun asked him how he could justify this the day after Brits learned energy bills could hit almost 4,000 next year. The spotlight has been thrown on the energy firms after a record-breaking set of annual results from the sector, which comes at a delicate time given the cost-of-living crisis impacting firms, businesses - and families all around the country. I hope the big shareholders can sleep well knowing millions are struggling just to pay to heat their homes or fill their tanks to drive to work and medical appointments.. This is why some doubt that Shell can hit either its own targets and those imposed by a Dutch court which require it to halve its own net emissions by 2030 and eliminate them entirely by 2050. The sale totalled 3.876 million pounds, according to the filing. 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. Before that he received 10m in 2019 and 20m in 2018, a record if excluding 2014 when pension calculations inflated his reported salary. 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. He has been named Reporter of the Year in 2014 and 2021 by Reuters. 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. The Dutchman, on 6.2million a year, said: We cannot perform miracles. Van Beurden whose full name is Bernardus Cornelis Adriana Margriet van Beurden previously lived in West London with his Australian wife Stacey and his four children. Mr van Beurden was replaced by Wael Sawan, Shell's former head of gas and renewables, at the beginning of 2023. Chief Executive Officer Ben van Beurden responded by slashing spending and cutting Shells dividend for the first time since World War II. LONDON, Feb 10 (Reuters) - Shell (SHEL.L) Chief Executive Officer Ben van Beurden on Feb. 7 sold 3.9 million pounds ($5.2 million) worth of the energy company's shares, a company filing showed. `, "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.". 'It is outrageous that oil and gas bosses are raking in millions in bonuses while families struggle to heat their homes,' he said. Got a confidential news tip? Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. "Even if you're very generous, and assume they get all the amounts of carbon capture and storage and offsets that they need, they might just miss their 2030 targets, and they will not be able to deliver on 2050. 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. With his wife Stacey, he has three daughters and a son. "If we have to build a hydrogen plant from a wind farm that we build in the North Sea for a billion dollars that is not going to be funded by a hydrogen business - it will be funded by the oil and gas business," he said. Explore in 3D: The dazzling crown that makes a king. The firm has profited so much from rising prices that it will hand 6.5billion to shareholders and potentially even more later this year. She added: 'It's a sign of just how broken our energy system is that Shell and other fossil fuel companies have made record-breaking profits from an energy crisis that's forcing families to choose between heating their homes and putting food on the table. Campaigner Howard Cox, of FairFuelUK, said: Shell has no humility wallowing in such obscene profits that are completely down to an increase in global oil prices. Mackenzie will also likely lead the search in the coming years for a successor to van Beurden. It plans to spend four times as much on oil and gas development as on renewables next year. It also boosted its dividend and share repurchases. "I don't think that it is going to contribute to the balance of payment for the UK and also will not help the carbon footprint of the world.". Van Beurden, who has led Shell since 2014, said last Thursday that "I still believe that our shares are undervalued," after the company reported bumper profits of $19.3 billion in 2021 on the back of high oil and gas prices. 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. Most populous nation: Should India rejoice or panic? 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. 'Cult mom' Lori Vallow's hair found on duct tape used to wrap son's body, Heartbroken family launch new lawsuit against Walmart over son's death, I was sued by my McDonald's co-workers after winning $105m jackpot, Heartbroken dad issues warning after son, 13, dies in TikTok challenge, 2020 THE SUN, US, INC. ALL RIGHTS RESERVED | TERMS OF USE | PRIVACY | YOUR AD CHOICES | SITEMAP, Fat cat Ben van Beurden sparked outrage yesterday by shrugging off the fears of consumers struggling with rocketing fuel bills, Van Beurden is selling his 5.2million eight-bed villa in Holland, His company made 9.5billion in the last three months alone, Brits' energy bills could hit almost 4,000 next year. Van Beurden, 64, who has been at Shell for almost four decades, will continue to work in an advisory role to the board until the end of June. "I am very proud of what we have achieved together. Shell is also expected to make its best efforts to reduce the emissions of its customers - which make up 90% of Shell's overall carbon footprint. Video, The secret mine that hid the Nazis' stolen treasure, Why the COP26 climate summit is important. "You can't divest from the world. News provided by The Associated Press. Video, The secret mine that hid the Nazis' stolen treasure, Why the COP26 climate summit is important. Van Beurden said last week: Our decision to exit is one we take with conviction. However, in his foreword to the annual report he described the exit as in line with government guidance, referring to the heavy pressure thought to be exerted by the UK government as it sought to isolate Russias economy. Provider/Privacy Read about our approach to external linking. The secret mine that hid the Nazis' stolen treasure. 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. Carol Massar and Tim Stenovec host a look back at the best interviews, discussions and more. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Sept. 15, 2022. '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.'. Royal Dutch Shell Plc had been turning out about 2.7 million barrels of oil each day until the novel coronavirus took hold of the world. Is climate change killing Australian wine? What will climate change look like for you? Did this woman die because her genitals were cut? In February he sold 190,000 of his shares at an average price of 20.40 per share, raking in another 3.876million. In 2019, Shell CEO Ben van Beurden told the Financial Times that when his daughter was around 10 years old, she once came home from school crying because she'd heard oil and gas companies. "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. 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. Read about our approach to external linking. 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. 2023 CNBC LLC. Reports last year said the property was up for sale for5.5million. The Shell chief executive Ben van Beurdens pay rose by a quarter in 2021 to 6m, as the fossil fuel producer benefited from soaring energy prices amid calls for a windfall tax on energy companies. "You can't divest from the world. The BBC is not responsible for the content of external sites. 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. This year, fueled by record profits as oil and gas prices have risen and with Shells staff reduced by job cuts, the company will pay out close to $30 billion in dividends and stock buybacks to shareholders, Mr. Borkhataria estimates. Here's how. The outgoing CEO oversaw Shell's biggest acquisition in decades with the $53 billion purchase of rival BG Group in 2016, guided the company through a historic collapse in energy demand as a result of the coronavirus pandemic, and faced intensifying investor pressure to slash the firm's greenhouse gas emissions. Bernardus Cornelis Adriana Margriet van Beurden climbed up the ladder after joining Shell from university in 1983. By Stanley Reed. Mr. van Beurden will continue working as . Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Sign up for free newsletters and get more CNBC delivered to your inbox. Ben van Beurden Bernardus Cornelis Adriana Margriet "Ben" van Beurden (born 23 April 1958) is a Dutch businessman who was the CEO of Shell plc from 2014 to 2022. He is a smart, principled and dynamic leader, who I know will continue to serve Shell with conviction and dedication," he added. 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. He also received a motoring allowance of 14,400 and money to pay for transport between his home and the office of 2,494. This is why some doubt that Shell can hit either its own targets and those imposed by a Dutch court which require it to halve its own net emissions by 2030 and eliminate them entirely by 2050. Consumers, on the other hand, are fuming about paying high prices at the pump and to heat their homes as energy costs have soared in the wake of Russias invasion of Ukraine. A Division of NBCUniversal. 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. Ladies and gentlemen, Thank you. 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. "In fact, they will be increasing emissions until 2030, and still be producing significant amounts of emissions in 2050," she says. See here for a complete list of exchanges and delays. The secret mine that hid the Nazis' stolen treasure. Van Beurden, who initially oversaw growth in Shells oil and gas output after taking office in 2014, is now leading the Anglo-Dutch company through a shift towards low-carbon energy in an effort to slash greenhouse gas emissions by 2050. "These things can only be done if you have a facility (like Pernis) to work with and if you have the cash. Russias invasion of Ukraine has caused energy prices to rise further since the start of the year, suggesting that even higher bills may be likely for households and businesses. Shells Chief Executive, Ben van Beurden, to Step Down, https://www.nytimes.com/2022/09/15/business/shell-ceo-van-beurden.html. 06:23 EDT 09 Mar 2023 Activist Lauren MacDonald was also asked to share the stage with the fossil fuel boss . 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. All quotes delayed a minimum of 15 minutes. A spokesman for Shell said the chief executive's pay package is 'considered the appropriate quantum for running a group of Shell's scale and complexity'. Former Chief Executive Officer Shell plc. In February he sold 190,000 of his shares at an average price of 20.40 per share, raking in another 3.876million.