It has now been confirmed that Sawan will take over. 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. Most populous nation: Should India rejoice or panic? All quotes delayed a minimum of 15 minutes. Fat cat Ben van Beurdens company made 9.5billion profit in the past three months alone more than double the same period last year on the back of Russias invasion of Ukraine. In 2014, van Beurden became CEO and moved his Australian wife Stacey and four children to the Hague from their home in West London, which sold for 3million, according to The Mirror. 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. Campaigners found he earned in one year the amount a typical UK worker would earn in six lifetimes - and that his 2022 pay package was294 times a Briton's average salary. Oil giant Shell appoints renewables head as boss - BBC News 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. As the recent energy crisis brutally exposed, the UK along with the rest of the world is still hugely reliant on fossil fuel. "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. 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. 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. That would be a mistake, according the world's largest asset manager Blackrock which looks after 13 trillion dollars in pensions and savings. 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. 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. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. The Sun asked him how he could justify this the day after Brits learned energy bills could hit almost 4,000 next year. "These things can only be done if you have a facility (like Pernis) to work with and if you have the cash. 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. After graduating from Delft University with a degree in chemical engineering, Ben joined Shell in 1983. "These things can only be done if you have a facility (like Pernis) to work with and if you have the cash. 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. Its very short-sighted for them to redistribute their wealth through share-buybacks instead of helping customers.. This material may not be published, broadcast, rewritten, or redistributed. He has been named Reporter of the Year in 2014 and 2021 by Reuters. Explore in 3D: The dazzling crown that makes a king. 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. Video, The secret mine that hid the Nazis' stolen treasure, Why the COP26 climate summit is important. He is a smart, principled and dynamic leader, who I know will continue to serve Shell with conviction and dedication," he added. Shell paused Van Beurdens annual bonus during the first year of the pandemic. Market data provided by ICE Data Services. Most Facebook users can now claim settlement money. 2023 BBC. By | Learn more about Ben van Beurden's work experience, education, connections & more by visiting their profile on LinkedIn 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. 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. Before that he received 10m in 2019 and 20m in 2018, a record if excluding 2014 when pension calculations inflated his reported salary. 'It is outrageous that oil and gas bosses are raking in millions in bonuses while families struggle to heat their homes,' he said. read more. What happens to First Republic Bank's stock and deposits now? 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. 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. Embracing Evolution | Shell Global 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. 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. Shell wants to develop new oilfields including Cambo in the North Sea which it hopes will produce 170 million barrels of oil. He is well versed in the petroleum-rich Middle East, and formerly ran Shells business in Qatar. 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. Carol Massar and Tim Stenovec host a look back at the best interviews, discussions and more. 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. There is growing clamour on the part of many pension fund trustees and their scheme members to dump or divest shares in fossil fuel businesses to starve them of capital. Shell Names New CEO as Longtime Boss Steps Down - WSJ Explore in 3D: The dazzling crown that makes a king. In February he sold 190,000 of his shares at an average price of 20.40 per share, raking in another 3.876million. Legal Statement. 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. 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. 2023 CNBC LLC. Van Beurdens total remuneration for 2020 was 5.8 million euros ($6.93 million), compared with about 10 million euros the year before, the company disclosed in its annual report on Thursday. 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. We want to hear from you. But oil and gas is not just a legacy business. Speaking in London, UK, Ben van Beurden, CEO of Shell, gives his personal perspective on purpose and describes his journey to becoming Energy Executive of the Year. He climbed the ladder of success slowly; in 1996 he was Malaysia's LNG's general manager operations before becoming the Vice President . 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. As the recent energy crisis brutally exposed, the UK along with the rest of the world is still hugely reliant on fossil fuel. If you divest, you lose that influence," said Sandy Boss, head of investment stewardship. By Ben van Beurden On Jun 8, 2021 Should a court single out an energy company to reduce its carbon emissions? There is growing clamour on the part of many pension fund trustees and their scheme members to dump or divest shares in fossil fuel businesses to starve them of capital. Shell's CEO Doesn't Want You to Call It an Oil Company - Bloomberg 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. Van Beurden, 64, joined Shell in 1983 and became CEO of the company in 2014, after serving as director of the firm's refining and chemicals business. The BBC is not responsible for the content of external sites. "At this point in time [the cash] comes from our legacy business," he said. 06:23 EDT 09 Mar 2023 Anyone can read what you share. These profits are down to speculators gambling on the Ukrainian crisis. In an interview, Shell CEO Ben van Beurden insists he doesnt run an oil company any more. I stand, as the saying goes, on the shoulders of giants. Former Chief Executive Officer Shell plc. Mr. Sawan, 48, is a less prominent figure, having spent most of his career on the oil and gas side of the business before moving recently to L.N.G. 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. The BBC is not responsible for the content of external sites. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. But when they are paying out such huge sums to wealthy investors and top earning staff that argument looks laughably weak. Shell's market capitalisation is around 155 billion pounds ($210 billion). Shell CEO takes large pay cut after bruising 2020 | Reuters Did this woman die because her genitals were cut? 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. (modern). Van Beurden was paid 57 times more than the median Shell worker in 2021, according to the companys annual report. 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. 10 Things You Didn't Know About Ben van Beurden - Money Inc Mortgage fee structure 2023: Here's how it's changing, King Charles III's net worth and where his wealth comes from, California bill that would hit oil profits gets stuck in the political mud, 4 oil companies had total sales of $1 trillion last year, Oil giants rake in record profits as energy prices remain high. 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. Activist Lauren MacDonald was also asked to share the stage with the fossil fuel boss . Royal Dutch Shell CEO, Ben van Beurden was allowed to speak uninterrupted for the first portion of the panel. Van Beurden said: Of course, Im very aware of the difficulties and the hardship. He also received a motoring allowance of 14,400 and money to pay for transport between his home and the office of 2,494. Talking exclusively to the BBC, he said the company's plans for greener energy could only be funded by oil and gas. He will also be paid moving costs and a housing allowance for two years after relocating from the Netherlands to London at the companys request. Is climate change killing Australian wine? Shell Employees' Kids Sure Seem Embarrassed by Their Parents 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. 07:50 EDT 09 Mar 2023. Wael Sawan, currently Shell's director of integrated gas, renewables and energy solutions, will become its next chief executive on Jan. 1. "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. 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 . Video, The secret mine that hid the Nazis' stolen treasure, Why the COP26 climate summit is important. "At this point in time [the cash] comes from our legacy business," he said. 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. 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. , updated Shell chief's pay rose by a quarter in 2021 to 6m 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. '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.'. Afterward, Mr. van Beurden led a move of the companys headquarters to London, mostly citing tax reasons. If you divest, you lose that influence," said Sandy Boss, head of investment stewardship. Ben van Beurden dismissed splitting its legacy oil and gas business from its renewables investment, a move urged by activist shareholder Third Point. 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. My Path to Purpose | Shell Global "We will be disciplined and value focused, as we work with our customers and partners to deliver the reliable, affordable and cleaner energy the world needs.". The company awarded Van Beurden 5.4m in bonuses and long-term incentive payments, on top of his 2m fixed pay. `, "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.". Our Standards: The Thomson Reuters Trust Principles. What will climate change look like for you? 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. Fossil Fuel Villain of the Year: Shell CEO Ben van Beurden He has held a number of operational and commercial 2023 BBC. Ben van Beurden - Adviser to the Board at Shell - Shell | LinkedIn The next day he gave a keynote speech which built on the theme and argued for change in the oil and gas industry. 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. Before Reuters, Ron reported on equity markets in New York in the aftermath of the 2008 financial crisis after covering conflict and diplomacy in the Middle East for AFP out of Israel. 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. He is one of the highest-earning executives at the Royal Dutch Shell Plc since the pay rise. 'We will never forget what you have done': Climate activist slams Shell And, as critics warned, the company remains saddled. Shell not only rakes in cash from forecourt sales. Oil and gas companies have argued that money for a windfall tax would have to come from their budget earmarked for long-term investments. In 2014, a video was shared ofvan Beurden doing the then popular 'ice bucket challenge'. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Shell Chief Executive Officer Ben van Beurden to step down, Wael Sawan News provided by The Associated Press. 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. 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 has been criticized, though, for not moving fast enough to invest in clean energy. Im very mindful that is a difficult message to hear, but it is what it is. 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. Ben van Beurden is the CEO of Royal Dutch Shell and his rise to the top position was a shock to many. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Sign up for free newsletters and get more CNBC delivered to your inbox. 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. Please enter valid email address to continue. Talking exclusively to the BBC, he said the company's plans for greener energy could only be funded by oil and gas. 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 . The spirit of Shell will rise to the challenge | Shell Global "Ben can look back with great pride on an. The news follows speculation that Shell had been actively looking for a successor to replace van Beurden as chief executive. Shell intends to appeal that court judgement. Ben van Beurden was awarded 5.4m in bonuses and long-term incentive payments in addition to his 2m fixed pay. Opposition lawmakers in Britain have called for an expanded tax on the windfall profits of oil and gas firms to provide more help for households struggling to afford expensive utility bills. 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. Copyright 2023 CBS Interactive Inc. All rights reserved. In 2019, Van Beurdens remuneration had also dropped by 51%. The CEO of Shell, Ben Van Beurden receives a salary of $9,963,000, according to Wallmine . As a subscriber, you have 10 gift articles to give each month. The footage showed water being poured over him by his two young daughters from buckets which were reportedly Veuve Clicquot champagne coolers. 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"In fact, they will be increasing emissions until 2030, and still be producing significant amounts of emissions in 2050," she says. Shell sold its Russian retail business in May but it still received a 138million dividend in April from its Russian oil and gas venture, part of Sakhalin Energy, because the consortium is registered in Bermuda. 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. Is climate change killing Australian wine? Ben van Beurden Biography, Age, Height, Wife, Net Worth, Family 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. A Division of NBCUniversal. LONDON (Reuters) - Royal Dutch Shell Chief Executive Ben van Beurdens 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 following a collapse in profits. 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.. Demand for oil, the companys core product, dropped almost a third in April, and the price of West Texas Intermediate briefly dipped into negative numbers for the first time. Watch as 'evil' Shell CEO is confronted by protestors on stage 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. During the last decade, he has been in the vanguard for the transition of Shell to a net-zero emissions energy business by 2050 and has become a leading industry voice . 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. 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. Most populous nation: Should India rejoice or panic? Mr van Beurden was replaced by Wael Sawan, Shell's former head of gas and renewables, at the beginning of 2023. And less than a year ago, Third Point, a major hedge fund, was calling for Shells breakup. Alice Harrison, fossil fuels campaign leader at Global Witness, said: 'Shell's CEO earned in one year what a typical UK worker would earn in six lifetimes.'. Ben van Beurden - Wikipedia Read the speech 'Embracing Evolution' here. Danya Bazaraa For Mailonline Powered and implemented by FactSet. Shell announced this week it would stop buying Russian oil or gas, and would close its 500 petrol stations in the country. The deal was criticized as too expensive at the time but looks wiser at current prices, analysts say. Read more: British Gas owner's profits soar to 3.3BILLION. Shell wants to develop new oilfields including Cambo in the North Sea which it hopes will produce 170 million barrels of oil. His wage is 143 times higher than the average pay of the company's UK workforce. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. As powerful as Shell is, its customers may be more powerful. Shell CEO to Step Down as Oil Giant Looks to Climate Goals - US News Shell former chief executive Ben van Beurden took home 9.7m in 2022 "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. He will now become one of Europes leading industrialists and, almost automatically, a public figure and a focal point for criticism from environmental activists.
