2023 BBC. 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. Shell currently has a global carbon footprint the size of Russia's if you include the emissions from customers using Shell products. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Talking exclusively to the BBC, he said the . 2023 The Associated Press. [1] 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. It plans to spend four times as much on oil and gas development as on renewables next 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. 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. The company awarded Van Beurden 5.4m in bonuses and long-term incentive payments, on top of his 2m fixed pay. The 190,000 shares were sold at an average prices of 20.40 pounds per share, a day before they hit their highest level since January 2020 at 20.80 pounds. '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.'. I am grateful and I know I would not be standing here without the work of so many others. 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. Wael Sawan, currently Shell's director of integrated. 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. The BBC is not responsible for the content of external sites. Video, The secret mine that hid the Nazis' stolen treasure, Why the COP26 climate summit is important. 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. 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 FTSE 100 company reported record profits during 2021, thanks in part to a gas price surge in the final three months of the year amid a rebound in demand for commodities as the global economy recovered from coronavirus pandemic lockdowns. 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. 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. 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. 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.. He also received a motoring allowance of 14,400 and money to pay for transport between his home and the office of 2,494. After graduating from Delft University with a degree in chemical engineering, Ben joined Shell in 1983. He has been named Reporter of the Year in 2014 and 2021 by Reuters. 'We will never forget what you have done': Climate activist slams Shell 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. The secret mine that hid the Nazis' stolen treasure. 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. Shell appoints Wael Sawan to replace outgoing chief Ben van Beurden Sign up for free newsletters and get more CNBC delivered to your inbox. Former Shell CEO's pay package jumped 50% amid soaring energy prices 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. 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. (modern). 2023 CNBC LLC. Mansion-owning 7.5m Shell boss dismisses cost of living crisis In 2014, a video was shared ofvan Beurden doing the then popular 'ice bucket challenge'. THE mega-rich boss of Shell sparked outrage yesterday by shrugging off the fears of consumers struggling with rocketing fuel bills. Mr van Beurden was in charge when Shell bought gas giant BG Group for 36bn in 2015, and when the firm moved its headquarters to London earlier this year. Oil and gas companies have argued that money for a windfall tax would have to come from their budget earmarked for long-term investments. Thriving through the energy transition | Shell Global The Sun asked him how he could justify this the day after Brits learned energy bills could hit almost 4,000 next year. Read about our approach to external linking. A Shell spokesperson said van Beurden's decision to sell was "a private matter". 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. 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. A dual Lebanese-Canadian national, Sawan has held roles in downstream retail and various commercial projects during his 25-year career at Shell. All Rights Reserved. The Dutchman, on 6.2million a year, said: We cannot perform miracles. In February he sold 190,000 of his shares at an average price of 20.40 per share, raking in another 3.876million. As long as there is demand for fossil fuels. 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. Shell paused Van Beurdens annual bonus during the first year of the pandemic. Ben van Beurden - Biography | Mercedes-Benz Group He has held a number of operational and commercial 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. 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. Is climate change killing Australian wine? Ben van Beurden Biography, Age, Height, Wife, Net Worth, Family 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.. Explore in 3D: The dazzling crown that makes a king. Ben van Beurden was paid 57 times more than median Shell worker, according to oil firms annual report. Its in businesses interest to not tip the country into recession. Embracing Evolution | Shell Global 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.'. 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. He'll get another $1.64 . 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. Member of the Presidential Committee, the Mediation Committee and the Nomination Committee. 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. Consumers, on the other hand, are fuming about paying high prices at the pump and to heat their homes as energy costs have soared in the wake of Russias invasion of Ukraine. 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 . What happens to First Republic Bank's stock and deposits now? Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Ladies and gentlemen, Thank you. 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. 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. 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. According to The Guardian, Shell's CEO pays more than doubles to 17.2m. Read about our approach to external linking. Got a confidential news tip? He added only a miracle could help consumers with their soaring bills. Shell's market capitalisation is around 155 billion pounds ($210 billion). Ben van Beurden dismissed splitting its legacy oil and gas business from its renewables investment, a move urged by activist shareholder Third Point. Highlights from a week-long virtual event bringing Bloomberg Businessweek magazine to life. Shell boss Ben van Beurden talks to BBC News exclusively about its transition to net zero. 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. Most populous nation: Should India rejoice or panic? 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. "You can't divest from the world. Two other candidates to succeed Mr. van Beurden, Maarten Wetselaar, who preceded Mr. Sawan in running the gas and renewables unit, and Jessica Uhl, who was chief financial officer, have left Shell in the past year. As the recent energy crisis brutally exposed, the UK along with the rest of the world is still hugely reliant on fossil fuel. "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. Shell CEO to Step Down as Oil Giant Looks to Climate Goals - US News In 2019, Van Beurdens remuneration had also dropped by 51%. And, as critics warned, the company remains saddled. "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.". It is completely unfair at a time when the Conservative government is choosing to put people's energy bills up. "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. 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. 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. Our Standards: The Thomson Reuters Trust Principles. He joined Shell in 1983, after graduating with a Master's Degree in Chemical Engineering from Delft University of Technology in the Netherlands. 'Cult mom' Lori Vallow's hair found on duct tape used to wrap son's body, Heartbroken family launch new lawsuit against Walmart over son's death, I was sued by my McDonald's co-workers after winning $105m jackpot, Heartbroken dad issues warning after son, 13, dies in TikTok challenge, 2020 THE SUN, US, INC. ALL RIGHTS RESERVED | TERMS OF USE | PRIVACY | YOUR AD CHOICES | SITEMAP, Fat cat Ben van Beurden sparked outrage yesterday by shrugging off the fears of consumers struggling with rocketing fuel bills, Van Beurden is selling his 5.2million eight-bed villa in Holland, His company made 9.5billion in the last three months alone, Brits' energy bills could hit almost 4,000 next year. Mansion-owning 7.5m Shell boss dismisses cost of living crisis Jan 09, 2017 - Shell CEO Ben van Beurden on the year just gone, and the year to come. 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. "In fact, they will be increasing emissions until 2030, and still be producing significant amounts of emissions in 2050," she says. 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. See here for a complete list of exchanges and delays. Mr. van Beurden suffered a bitter blow last year when a court in the Netherlands, then Shells home country, ordered it to move much faster on reducing emissions. Royal Dutch Shell CEO, Ben van Beurden was allowed to speak uninterrupted for the first portion of the panel. Shell CEO to step down as oil giant looks to climate goals - Yahoo News Shell's Chief Executive, Ben van Beurden, to Step Down But oil and gas is not just a legacy business. 2023 BBC. 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. Shares of Shell rose 0.7% during early morning deals in London. Explore in 3D: The dazzling crown that makes a king. This material may not be published, broadcast, rewritten, or redistributed. "In fact, they will be increasing emissions until 2030, and still be producing significant amounts of emissions in 2050," she says. 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. read more. As powerful as Shell is, its customers may be more powerful. He climbed the ladder of success slowly; in 1996 he was Malaysia's LNG's general manager operations before becoming the Vice President . 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. But when they are paying out such huge sums to wealthy investors and top earning staff that argument looks laughably weak. Market data provided by ICE Data Services. 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. 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. 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. Did this woman die because her genitals were cut? Shell Names New CEO as Longtime Boss Steps Down - WSJ Global Business and Financial News, Stock Quotes, and Market Data and Analysis. 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. Here's how. Ben's career in Shell spans both Upstream and Downstream activities. Shell is a major component of the UK's leading share index. Oil giant Shell says it needs oil to pay for green shift - BBC News '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.'. He has been given an undisclosed relocation and housing allowance and is selling his 5.2million eight-bed villa in Holland. Our Standards: The Thomson Reuters Trust Principles. It has now been confirmed that Sawan will take over. First published on March 9, 2023 / 6:21 PM. 'It is outrageous that oil and gas bosses are raking in millions in bonuses while families struggle to heat their homes,' he said. 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. As long as there is demand for fossil fuels. Anyone can read what you share. 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. Shell boss Ben van Beurden talks to BBC News exclusively about its transition to net zero. Danya Bazaraa For Mailonline. Shell shares traded at around 20.25 pounds at 1035 GMT on Thursday. Video, The secret mine that hid the Nazis' stolen treasure, Why the COP26 climate summit is important. He is well versed in the petroleum-rich Middle East, and formerly ran Shells business in Qatar. Shell CEO sells $5.2 million of shares | Reuters All quotes delayed a minimum of 15 minutes. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. 'Shell are taking steps to address it, such as doubling the hardship fund for vulnerable customers of our UK retail energy business. 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. "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. PDF Working together to build a lower carbon, higher energy future