facebook
twitter
rss
account
search
search
 

Shell shareholders reject pay policies

May 19, 2009 at 12:19 PM   |   Comments

THE HAGUE, Netherlands, May 19 (UPI) -- Shareholders at Royal Dutch Shell in the Netherlands rejected the company's remuneration report Tuesday, the company said.

Shell Chairman Jorma Ollila said the board would "take this very seriously," promising to meet with shareholders to make "the right decisions" on executive pay, The Times of London reported Tuesday.

Investors representing nearly 60 percent of the company's shares voted against the executive pay policy.

In a three-year policy begun in 2005, executives were to be given shares up to 200 percent of their base pay if the company met certain performance measures. The company failed to reach the goals, but executives decided to award themselves part of their bonuses, anyway.

Pay policies are generally rubber-stamped by shareholder votes. Tuesday's vote does not provide a "clawback" provision that would allow the shareholders to demand the return of the bonuses. However, it is likely the company will be forced to restructure its remuneration policy for the future, The Times said.

Topics: Jorma Ollila
© 2009 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
1
Verizon will soon let you choose what TV channels you want to pay for Verizon will soon let you choose what TV channels you want to pay for
2
Etsy bans sale of items with Redskins name, imagery Etsy bans sale of items with Redskins name, imagery
3
Meggitt receives $17.7 million Army order for target systems Meggitt receives $17.7 million Army order for target systems
4
Organic food brand at Kroger's to hit $1B in sales Organic food brand at Kroger's to hit $1B in sales
5
Lockheed Martin opens technology center
Trending News
Video
x
Feedback