Shell’s Former CEO Rakes in £10m Amid Record Profits, Sparking Outrage and Calls for Action

• Shell’s former CEO, Ben van Beurden, earned approximately £10 million ($12 million) in 2021, according to the company’s annual report.
• Van Beurden’s salary and bonuses surged 53 percent from the previous year, and his total package was 294 times the UK’s median salary.
• Global Witness is calling on the UK government to expand its temporary windfall tax on vast profits to include executive bonuses.
• Millions of Britons will likely have to pay more for gas and electricity from next month as the Conservative government plans to remove some financial help in lowering energy bills.
• The situation highlights just how broken the energy system is, with fossil fuel companies making vast profits from an energy crisis that is forcing families to choose between heating their homes and putting food on the table.

Shell’s former CEO, Ben van Beurden, earned approximately £10 million ($12 million) in 2021, according to the company’s annual report.

This comes after the energy giant scored record profits due to soaring energy prices, sparking outrage amid a cost-of-living crisis. Van Beurden’s salary and bonuses surged 53 percent from the previous year, and his total package was 294 times the UK’s median salary, according to British campaign group Global Witness. The group’s spokeswoman, Alice Harrison, called it “outrageous” that Shell’s CEO earned in one year what a typical UK worker would earn in six lifetimes.

Global Witness is now calling on the UK government to expand its temporary windfall tax on vast profits being enjoyed by energy companies to include executive bonuses. The leader of the Liberal Democrats, Ed Davey, argues that the bumper profits should help to lower fuel bills, and it is “outrageous” that oil and gas bosses are earning millions in bonuses while families struggle to heat their homes.

Meanwhile, Shell’s net profit more than doubled to a record $42.3 billion last year on rocketing oil prices after key producer Russia invaded Ukraine, hitting supplies. Shell rival BP is set to reveal remuneration details in its own annual report, with reports suggesting CEO Bernard Looney could receive a maximum bonus award of £11.4 million.

Millions of Britons will likely have to pay more for gas and electricity from next month as the Conservative government plans to remove some financial help in lowering energy bills. This comes as families are already struggling to cope with the rising cost of living, and energy companies continue to make record-breaking profits.

The situation highlights just how broken the energy system is, with fossil fuel companies making vast profits from an energy crisis that is forcing families to choose between heating their homes and putting food on the table. The UK government must take action to address this issue and ensure that energy companies are not profiting at the expense of ordinary people.

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