Explore in 3D: The dazzling crown that makes a king. And less than a year ago, Third Point, a major hedge fund, was calling for Shells breakup. Market data provided by ICE Data Services. Ben van Beurden is the CEO of Royal Dutch Shell and his rise to the top position was a shock to many. Legal Statement. If you have a pension you are almost certainly a part owner of Shell, BP and other oil and gas companies. 2023 The Associated Press. Shell or someone else will supply it. 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 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. 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. I have great confidence in Wael as my successor. 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. 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. "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.". 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. The secret mine that hid the Nazis' stolen treasure. `, "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.". What will climate change look like for you? Shell boss Ben van Beurden talks to BBC News exclusively about its transition to net zero. Shell CEO Ben van Beurden to be replaced by Wael Sawan next year - CNBC Shell currently has a global carbon footprint the size of Russia's if you include the emissions from customers using Shell products. 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. As long as there is demand for fossil fuels. 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. Explore in 3D: The dazzling crown that makes a king. Wael Sawan will become Shell's next chief executive on Jan. 1. Oil giant Shell says it needs oil to pay for green shift - BBC News He has held a number of operational and commercial "You can't divest from the world. First published on March 9, 2023 / 6:21 PM. But oil and gas is not just a legacy business. "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. In 2019, Van Beurdens remuneration had also dropped by 51%. Most populous nation: Should India rejoice or panic? They have made this money because Russia invaded Ukraine.. 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. 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. Wael Sawan, currently Shell's director of integrated gas, renewables and energy solutions, will become its next chief executive on Jan. 1. As a subscriber, you have 10 gift articles to give each month. This material may not be published, broadcast, rewritten, or redistributed. 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. Ben van Beurden: lead with your head and your heart Former Shell CEO's pay package jumped 50% amid soaring energy prices Our Standards: The Thomson Reuters Trust Principles. 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. 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. 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. 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. It plans to spend four times as much on oil and gas development as on renewables next year. He is one of the highest-earning executives at the Royal Dutch Shell Plc since the pay rise. We want to hear from you. Get browser notifications for breaking news, live events, and exclusive reporting. The 64-year-old has pocketed more than 70million in his time as CEO and is looking to buy a mansion in London after Shell moved its headquarters to the UK last year. 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. 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. 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. A Shell spokesperson said van Beurden's decision to sell was "a private matter". Afterward, Mr. van Beurden led a move of the companys headquarters to London, mostly citing tax reasons. 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. Video, The secret mine that hid the Nazis' stolen treasure, Why the COP26 climate summit is important. Sept. 15, 2022. All rights reserved. `, "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 also expected to make its best efforts to reduce the emissions of its customers - which make up 90% of Shell's overall carbon footprint. Read the speech 'Embracing Evolution' here. Danya Bazaraa For Mailonline 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. 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. Ben van Beurden dismissed splitting its legacy oil and gas business from its renewables investment, a move urged by activist shareholder Third Point. Please enter valid email address to continue. Shell, Europes 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. The firm has profited so much from rising prices that it will hand 6.5billion to shareholders and potentially even more later this year. 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. Shell former chief executive Ben van Beurden took home 9.7m in 2022 All Rights Reserved. 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. 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 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. Romaine Bostick breaks down the day's top stories and trading action leading into the close. Ben's career in Shell spans both Upstream and Downstream activities. 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. "Ben can look back with great pride on an. If you divest, you lose that influence," said Sandy Boss, head of investment stewardship. Shell not only rakes in cash from forecourt sales. Ben van Beurden - Biography | Mercedes-Benz Group 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. 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. The secret mine that hid the Nazis' stolen treasure. 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. The group's annual report also showed Mr Sawan was appointed on a 1.4 million annual salary, in line with his predecessor, plus a potential bonus worth 125 per cent of salary and long-term shares worth up to a maximum potential of 300 per cent of salary. After graduating from Delft University with a degree in chemical engineering, Ben joined Shell in 1983. 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He is also on the board of Mercedes-Benz and said in 2017 he drives a 90,000 S-class hybrid. 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. As powerful as Shell is, its customers may be more powerful. 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. Shell may get nearly 1bn from sale of stake in Russian gas project, Help low-paid workers or face curbs to bosses pay, fund managers tell UK firms, Ovoreportedly planning bid for Shells 1.4m household energy customers, Doubling of BP boss pay to 10m is a kick in the teeth, say campaigners, UKfirms expect to give 5% pay rises this year amid worker shortages, Shell chiefs pay package rose by more than 50% to nearly 10m in 2022, Goldman Sachs boss takes 30% pay cut to $25m amid turbulent year, Shell and Vitol accused of prolonging Ukraine war with sanctions loophole, Bankers pay rises three times as fast as nurses since 2008 crash, TUC finds, Shell directors personally sued over flawed climate strategy, booming energy companies to pay a windfall tax on profits. His bonus rose from 2.2m in 2021 to 2.6m in 2022. 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 has been named Reporter of the Year in 2014 and 2021 by Reuters. He added only a miracle could help consumers with their soaring bills. It plans to spend four times as much on oil and gas development as on renewables next year. 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. Im very mindful that is a difficult message to hear, but it is what it is. Shell is planning to appeal part of the ruling. 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. The next day he gave a keynote speech which built on the theme and argued for change in the oil and gas industry. 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 and gas companies have argued that money for a windfall tax would have to come from their budget earmarked for long-term investments. "In fact, they will be increasing emissions until 2030, and still be producing significant amounts of emissions in 2050," she says. But oil and gas is not just a legacy business. And, as critics warned, the company remains saddled. Read about our approach to external linking. "These things can only be done if you have a facility (like Pernis) to work with and if you have the cash. Ben van Beurden - Biography | Mercedes-Benz Group > Company > Corporate Governance > Supervisory Board The Hague. '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.'. 06:23 EDT 09 Mar 2023 As powerful as Shell is, its customers may be more powerful. Powered and implemented by FactSet. That would be a mistake, according the world's largest asset manager Blackrock which looks after 13 trillion dollars in pensions and savings. 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.. Ladies and gentlemen, Thank you. 2023 BBC. | Learn more about Ben van Beurden's work experience, education, connections & more by visiting their profile on LinkedIn It's much better to engage with companies and use your influence as a shareholder. 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. 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..