"You can't divest from the world. "I think this energy transition can be done but it will require a lot of orchestration and a lot of faith of society that it can be done. All rights reserved. The secret mine that hid the Nazis' stolen treasure. 2023 The Associated Press. The industry leader for online information for tax, accounting and finance professionals. It plans to spend four times as much on oil and gas development as on renewables next year. Royal Dutch Shell CEO, Ben van Beurden was allowed to speak uninterrupted for the first portion of the panel. 2023 BBC. Oil giant Shell says it needs oil to pay for green shift - BBC News By What will climate change look like for you? Shell's market capitalisation is around 155 billion pounds ($210 billion). 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. His wage is 143 times higher than the average pay of the company's UK workforce. A Shell spokesperson said van Beurden's decision to sell was "a private matter". ', The comments below have not been moderated, By Shu Ling Liauw from research firm Global Climate Insights has analysed the oil firm's spending plans and estimates that Shell will be producing more emissions by 2030 than it is now as it intends to grow its gas business. 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 . Mackenzie will also likely lead the search in the coming years for a successor to van Beurden. He is also on the board of Mercedes-Benz and said in 2017 he drives a 90,000 S-class hybrid. `, "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.". Shell is a major component of the UK's leading share index. 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. Talking exclusively to the BBC, he said the company's plans for greener energy could only be funded by oil and gas. Here's how. The footage showed water being poured over him by his two young daughters from buckets which were reportedly Veuve Clicquot champagne coolers. His bonus rose from 2.2m in 2021 to 2.6m in 2022. Explore in 3D: The dazzling crown that makes a king. 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. 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. He also received a motoring allowance of 14,400 and money to pay for transport between his home and the office of 2,494. Jan 09, 2017 - Shell CEO Ben van Beurden on the year just gone, and the year to come. 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. 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. 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. Shell CEO takes large pay cut after bruising 2020 | Reuters 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 . Video, The secret mine that hid the Nazis' stolen treasure, Why the COP26 climate summit is important. 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. "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. Shell or someone else will supply it. That would be a mistake, according the world's largest asset manager Blackrock which looks after 13 trillion dollars in pensions and savings. He added: 'We fully appreciate the difficulties that the cost-of-living crisis is causing many people across the world. And less than a year ago, Third Point, a major hedge fund, was calling for Shells breakup. If you have a pension you are almost certainly a part owner of Shell, BP and other oil and gas companies. "At this point in time [the cash] comes from our legacy business," he said. In an interview, Shell CEO Ben van Beurden insists he doesnt run an oil company any more. Read about our approach to external linking. If you divest, you lose that influence," said Sandy Boss, head of investment stewardship. The spirit of Shell will rise to the challenge | Shell Global Bernardus Cornelis Adriana Margriet van Beurden climbed up the ladder after joining Shell from university in 1983. 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. ICE Limitations. 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. The company awarded Van Beurden 5.4m in bonuses and long-term incentive payments, on top of his 2m fixed pay. read more. 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. Shell Employees' Kids Sure Seem Embarrassed by Their Parents 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. Additional reporting by Indranil Sarkar in Bengaluru; Editing by Bernard Orr and Edmund Blair. Ben van Beurden Biography, Age, Height, Wife, Net Worth, Family He added: The main driver of inflation has been high energy bills. "In fact, they will be increasing emissions until 2030, and still be producing significant amounts of emissions in 2050," she says. "I am very proud of what we have achieved together. 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. 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.. I stand, as the saying goes, on the shoulders of giants. 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. 'Whether it is executive bonuses or soaring profits, the money being made out of Putin's illegal war should be helping struggling families not oil and gas barons.'. Its not easy to run an oil major when people suddenly stop needing oil. Wael Sawan, currently Shell's director of integrated gas, renewables and energy solutions, will become its next chief executive on Jan. 1. Supervisory Board Mercedes-Benz Group AG - Shareholder Representative. 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. 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. 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. See here for a complete list of exchanges and delays. Ben van Beurden became Chief Executive Officer (CEO) on January 1, 2014. "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. Shell intends to appeal that court judgement. Sept. 15, 2022. He is one of the highest-earning executives at the Royal Dutch Shell Plc since the pay rise. As long as there is demand for fossil fuels. 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. Chief Executive Officer Ben van Beurden responded by slashing spending and cutting Shell's dividend for the first time since World War II. 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. If you divest, you lose that influence," said Sandy Boss, head of investment stewardship. 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. 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. Shell currently has a global carbon footprint the size of Russia's if you include the emissions from customers using Shell products. 'It is outrageous that oil and gas bosses are raking in millions in bonuses while families struggle to heat their homes,' he said. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Shell paused Van Beurdens annual bonus during the first year of the pandemic. In February he sold 190,000 of his shares at an average price of 20.40 per share, raking in another 3.876million. What happens to First Republic Bank's stock and deposits now? Watch as 'evil' Shell CEO is confronted by protestors on stage He seemed to enjoy sessions with journalists and was willing to engage with even harsh critics. Ben van Beurden was awarded 5.4m in bonuses and long-term incentive payments in addition to his 2m fixed pay. As a subscriber, you have 10 gift articles to give each month. It's much better to engage with companies and use your influence as a shareholder. 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. Im also very much aware of the difficulty to explain how this is actually a global problem, and a problem that has come about by policy decisions that have been taken.. We want to hear from you. 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. Shell CEO to Step Down as Oil Giant Looks to Climate Goals - US News Mansion-owning 7.5m Shell boss dismisses cost of living crisis All quotes delayed a minimum of 15 minutes. Danya Bazaraa For Mailonline. After graduating from Delft University with a degree in chemical engineering, Ben joined Shell in 1983. That would be a mistake, according the world's largest asset manager Blackrock which looks after 13 trillion dollars in pensions and savings. 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. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. 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. Van Beurden was paid 57 times more than the median Shell worker in 2021, according to the companys annual report. 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. Sign up for free newsletters and get more CNBC delivered to your inbox. Did this woman die because her genitals were cut? 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. 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. Oil and gas companies have argued that money for a windfall tax would have to come from their budget earmarked for long-term investments. 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. 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 . 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. Mr. van Beurden has also been in the forefront among oil industry chief executives in acknowledging the role that burning fossil fuels plays in climate change. 2023 BBC. "At this point in time [the cash] comes from our legacy business," he said. 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.