An extra 82% for Shell chairman
SHELL executive chairman Philip Watts was given an 82% pay rise to £1.59m, according to the new annual report, beating in percentage terms the 58% increase enjoyed by his rival at British Petroleum, Lord Brown.
The rise from £873,000 last time was partly due to his elevation to the senior executive role last July, taking over from Sir Mark Moody-Stuart. Paul Skinner, chief executive of oil products at Shell, was paid £1.36m, a rise of 31%.
News of the boardroom largesse comes at an awkward time for Shell, which last week put up the price of unleaded petrol by 1p to 74.9p.
Bill Morris, head of the Transport & General Workers Union, pointed out that the Shell share price fell during the year. 'Here's another fat cat setting the going rate for share price failure,' he said. The £20,000-£25,000 salary typically earned by petrol tanker drivers was 'pocket money' to top executives at Shell, he added.
Sir Mark, 61, was paid a £198,000 bonus when he retired, lifting his total last year to £1.45m. Last month BP said Lord Browne was given a 58% rise to £3.1m. He and eight other BP executives picked up a total of £25.8m in pay and perks.
