Shell CEO Sees Pay Rise in 2021

Shell CEO Sees Pay Rise in 2021
Looking back over the last 10 years, van Beurden's 2021 total pay figure is still some way off previous CEO pay highs.

Shell’s CEO, Ben van Beurden, saw his pay rise last year, the company’s latest annual reports and accounts document has revealed.

The CEO’s total remuneration in 2021 stood at $8.14 million (EUR 7.38 million) according to the report, which highlighted that the CEO’s total remuneration in 2020 stood at $6.44 million (EUR 5.84 million).

Van Beurden’s total pay in 2021 comprised a $1.75 million (EUR 1.58 million) salary, taxable benefits of $18,766 (EUR 17,000), a pension contribution of $443,777 (EUR 402,000), an annual bonus of $2.82 million (EUR 2.56 million) and long-term incentive plan earnings of $3.10 million (EUR 2.81 million). In 2020, van Beurden’s total pay comprised the same salary, taxable benefits of $17,660 (EUR 16,000), a pension contribution of $596,049 (EUR 540,000), no annual bonus and long-term incentive plan earnings of $4.08 million (EUR 3.69 million).

Looking back over the last 10 years, van Beurden’s 2021 total pay figure is still some way off previous CEO pay highs. The top three pay years stretching back to 2012 came in 2014, when van Beurden earned $26.70 million (EUR 24.19 million), 2018, when the CEO received $22.22 million (EUR 20.13 million), and 2012, when then CEO Peter Voser received $20.13 million (EUR 18.24 million).

Ben van Beurden’s single total figure for 2014 was said to be impacted by the increase in pension accrual calculated under the UK reporting regulations and tax equalization as a result of his promotion and prior assignment to the UK.

“In 2021, we delivered strong financial results,” van Beurden stated in Shell’s latest annual reports and accounts document.

“Our income was $20.6 billion in 2021, compared with a loss of $21.5 billion the previous year. Shell’s cash flow from operations went from $34.1 billion in 2020 to $45.1 billion in 2021. Our distributions to shareholders were $9.1 billion in 2021, the same as in 2020. We expect shareholder distributions to increase significantly in 2022,” he added in the report.

“Shell’s net debt reduced from $75.4 billion in 2020 to $52.6 billion at the end of 2021. This brought us below the $65 billion milestone, at which point we increased total shareholder distributions to 20-30 percent of cash flow from operations. We announced a share buyback program of $8.5 billion for the first half of 2022 … We expect to increase our dividend by around four percent to 25 U.S. cents a share for the first quarter of 2022,” van Beurden continued.

Ben van Beurden has more than 38 years of experience of working for Shell. He was Downstream Director from January to September 2013 and before that served as Executive Vice President Chemicals from 2006 to 2012. He joined Shell in 1983, after graduating with a master’s degree in chemical engineering from Delft University of Technology, the Netherlands.

To contact the author, email

What do you think? We’d love to hear from you, join the conversation on the Rigzone Energy Network.

The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy.

Most Popular Articles