We are no longer accepting comments on this article. Shell appoints Wael Sawan to replace outgoing chief Ben van Beurden Talking exclusively to the BBC, he said the company's plans for greener energy could only be funded by oil and gas. Born on 23 April 1958, Van Beurden is a Dutch citizen. "In fact, they will be increasing emissions until 2030, and still be producing significant amounts of emissions in 2050," she says. He climbed the ladder of success slowly; in 1996 he was Malaysia's LNG's general manager operations before becoming the Vice President . Tough choices on the road to a lower-carbon world Jan 08, 2016 - Shell CEO Ben van Beurden reflects on business challenges and opportunities, and Shell's role in the transition to a cleaner energy future. 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. Our Standards: The Thomson Reuters Trust Principles. [1] Shell Employees' Kids Sure Seem Embarrassed by Their Parents "These things can only be done if you have a facility (like Pernis) to work with and if you have the cash. If you divest, you lose that influence," said Sandy Boss, head of investment stewardship. 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. 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. Luke Hildyard, a director of the High Pay Centre, a campaign group, said: Shells chief executive rakes in millions and half their UK employees make well over 100,000. "I am very proud of what we have achieved together. Ben van Beurden became Chief Executive Officer (CEO) on January 1, 2014. The deal was criticized as too expensive at the time but looks wiser at current prices, analysts say. The Shell chief executive Ben van Beurden's 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. It plans to spend four times as much on oil and gas development as on renewables next year. Provider/Privacy 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 showed. "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.". He has been named Reporter of the Year in 2014 and 2021 by Reuters. 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. It is completely unfair at a time when the Conservative government is choosing to put people's energy bills up. Activist Lauren MacDonald was also asked to share the stage with the fossil fuel boss . "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. The Sun asked him how he could justify this the day after Brits learned energy bills could hit almost 4,000 next year. Get this delivered to your inbox, and more info about our products and services. He joined Shell in 1983, after graduating with a Master's Degree in Chemical Engineering from Delft University of Technology in the Netherlands. Sign up for free newsletters and get more CNBC delivered to your inbox. 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.. Shell is planning to appeal part of the ruling. 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. 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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. Market data provided by ICE Data Services. 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. And less than a year ago, Third Point, a major hedge fund, was calling for Shells breakup. And, as critics warned, the company remains saddled. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. In 2014, a video was shared ofvan Beurden doing the then popular 'ice bucket challenge'. That reliance needs to be managed down over time according to Mr van Beurden otherwise we will see price shocks in the future that will be counterproductive. Is climate change killing Australian wine? 'Rishi Sunak's refusal to properly tax these eye-watering bonuses and record profits is mind boggling and shows how out of touch he is. 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 former chief executive Ben van Beurden took home 9.7m in 2022 He is well versed in the petroleum-rich Middle East, and formerly ran Shells business in Qatar. "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.". Shares of Shell rose 0.7% during early morning deals in London. Oil giant Shell appoints renewables head as boss - BBC News 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. Powered and implemented by FactSet. Explore in 3D: The dazzling crown that makes a king. The total pay package of Ben van Beurden, who stood down at the end of last year, rose from 6.3m in 2021 to 9.7m in 2022. 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. Shell's CEO Doesn't Want You to Call It an Oil Company - Bloomberg Royal Dutch Shell CEO, Ben van Beurden was allowed to speak uninterrupted for the first portion of the panel. "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. Shell wants to develop new oilfields including Cambo in the North Sea which it hopes will produce 170 million barrels of oil. 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. Van Beurden said Shell did not make a profit from supplying energy directly to UK households, but it has profited enormously from wholesale energy prices soaring. 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. Royal Dutch Shell Chief Executive Ben van Beurden's pay package dropped by 42% to $7 million in 2020, a year in which the coronavirus pandemic pushed the energy company to a historic dividend cut . Wael Sawan, currently Shell's director of integrated. Shell Chief Executive Officer Ben van Beurden to step down, Wael Sawan Ben van Beurden dismissed splitting its legacy oil and gas business from its renewables investment, a move urged by activist shareholder Third Point. I stand, as the saying goes, on the shoulders of giants. Legal Statement. 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. 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 . If you have a pension you are almost certainly a part owner of Shell, BP and other oil and gas companies. Reuters reported at the start of September, citing two unnamed sources, that Shell's board succession committee had met several times in recent months to draw up plans for van Beurden's departure and interview potential successors. `, "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.". Non-governmental organisation Global Witness said former Shell boss Ben van Beurden's pay package for 2022 was 294 times the UK's median salary. A dual Lebanese-Canadian national, Sawan has held roles in downstream retail and various commercial projects during his 25-year career at Shell. We want to hear from you. 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. Trump motion to declare mistrial in E. Jean Carroll lawsuit denied, Tornado hits Virginia Beach, likely damaging hundreds of homes, Transgender Montana lawmaker Zooey Zephyr sues over censure, Debt ceiling standoff heats up over veterans' programs, Texas man who lost wife and son in shooting shares story, NYPD officer Troy Patterson dies 33 years after being shot in robbery, Supreme Court to hear case that could curb power of federal agencies, The weirdest items passengers leave behind in Ubers. 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. The petrol stations closures have prompted a $400m writedown on assets. Talking exclusively to the BBC, he said the . He added only a miracle could help consumers with their soaring bills. 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.. 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. 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. As long as there is demand for fossil fuels. Member of the Presidential Committee, the Mediation Committee and the Nomination Committee. Ben van Beurden Biography, Age, Height, Wife, Net Worth, Family As powerful as Shell is, its customers may be more powerful. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Shell is a major component of the UK's leading share index. Exclusive news, data and analytics for financial market professionals, Reporting by Ron Bousso Editing by Jason Neely and Mark Potter, As oil output peaks, US Gulf of Mexico makes room for carbon capture, Oil drops 1% as economic growth concerns offset OPEC+ cuts, U.S. April oil exports top forecasts on Chinese demand, Enbridge acquires gas storage facility in British Columbia for $295 million, IMF lauds 'quick and orderly resolution' of First Republic by US regulators, FDIC sees merits of increasing backstop for business accounts, IMF's Georgieva says more vulnerabilities in banking sector may be exposed. See here for a complete list of exchanges and delays. Mansion-owning 7.5m Shell boss dismisses cost of living crisis Read about our approach to external linking. 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. 'It is outrageous that oil and gas bosses are raking in millions in bonuses while families struggle to heat their homes,' he said. It plans to spend four times as much on oil and gas development as on renewables next year. Copyright 2023 CBS Interactive Inc. All rights reserved. Thriving through the energy transition | Shell Global Ben van Beurden dismissed splitting its legacy oil and gas business from its renewables investment, a move urged by activist shareholder Third Point. Read about our approach to external linking. Explore in 3D: The dazzling crown that makes a king. Sept. 15, 2022. 06:23 EDT 09 Mar 2023 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. By Ben van Beurden On Jun 8, 2021 Should a court single out an energy company to reduce its carbon emissions? Anyone can read what you share. 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. He said: "Why would you say: Let's not get our oil and gas demands from our own resources but let's import from somewhere else, probably with a larger carbon footprint. Shell Names New CEO as Longtime Boss Steps Down - WSJ The Dutchman, on 6.2million a year, said: We cannot perform miracles. The stock price is up more than 40% year-to-date. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Mr. van Beurden also took flak during the pandemic for slashing Shells dividend for the first time since World War II, as oil and gas prices plummeted. Adam Berry | Getty Images News | Getty Images, $53 billion purchase of rival BG Group in 2016. These greedy billion pound businesses continue to operate without fear of genuine political scrutiny. LONDON (Reuters) - Royal Dutch Shell Chief Executive Ben van Beurdens pay package dropped by 42% to $7 million in 2020, a year in which the coronavirus pandemic pushed the energy company to a historic dividend cut following a collapse in profits. Wael Sawan, currently Shell's director of integrated gas, renewables and energy solutions, will become its next chief executive on Jan. 1. 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. 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. | Learn more about Ben van Beurden's work experience, education, connections & more by visiting their profile on LinkedIn Romaine Bostick breaks down the day's top stories and trading action leading into the close. Shell boss Ben van Beurden talks to BBC News exclusively about its transition to net zero. Shell CEO to step down as oil giant looks to climate goals - Yahoo News Van Beurden said: Of course, Im very aware of the difficulties and the hardship. (modern). Data is a real-time snapshot *Data is delayed at least 15 minutes. Supervisory Board Mercedes-Benz Group AG - Shareholder Representative. By 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. Former Shell CEO's pay package jumped 50% amid soaring energy prices Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. "Ben can look back with great pride on an. The next day he gave a keynote speech which built on the theme and argued for change in the oil and gas industry. Video, The secret mine that hid the Nazis' stolen treasure, Why the COP26 climate summit is important. But oil and gas is not just a legacy business. Ben van Beurden was awarded 5.4m in bonuses and long-term incentive payments in addition to his 2m fixed pay. "At this point in time [the cash] comes from our legacy business," he said. 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 will climate change look like for you? The firm has profited so much from rising prices that it will hand 6.5billion to shareholders and potentially even more later this year. Chief Executive Officer Ben van Beurden responded by slashing spending and cutting Shells dividend for the first time since World War II. Video, The secret mine that hid the Nazis' stolen treasure, Why the COP26 climate summit is important. 4. Shell announced this week it would stop buying Russian oil or gas, and would close its 500 petrol stations in the country. A Shell spokesperson said van Beurden's decision to sell was "a private matter". 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. After graduating from Delft University with a degree in chemical engineering, Ben joined Shell in 1983. As the recent energy crisis brutally exposed, the UK along with the rest of the world is still hugely reliant on fossil fuel. Oil giant Shell says it needs oil to pay for green shift - BBC News Wael Sawan will become Shell's next chief executive on Jan. 1. California bill that would hit oil profits gets stuck in. He has been given an undisclosed relocation and housing allowance and is selling his 5.2million eight-bed villa in Holland. 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. The International Monetary Fund (IMF) appreciates quick action by U.S. regulators to seize First Republic Bank and find a private buyer, an IMF spokesperson said on Monday. 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. Van Beurden got a roughly 25 percent pay bump last year, making $8.2 million as people around the world paid more for fuel from which Shell is making record profits. 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. A spokesman for Shell said the chief executive's pay package is 'considered the appropriate quantum for running a group of Shell's scale and complexity'. "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. Watch as 'evil' Shell CEO is confronted by protestors on stage 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. 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. Van Beurden, who has led Shell since 2014, said last Thursday that "I still believe that our shares are undervalued," after the company reported bumper profits of $19.3 billion in 2021 on the back of high oil and gas prices. '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.'. The sale totalled 3.876 million pounds, according to the filing. But oil and gas is not just a legacy business. Ben van Beurden - Wikipedia Shell currently has a global carbon footprint the size of Russia's if you include the emissions from customers using Shell products. '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.'. 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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 . Is climate change killing Australian wine? 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's much better to engage with companies and use your influence as a shareholder. According to The Guardian, Shell's CEO pays more than doubles to 17.2m. 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. Shell paused Van Beurdens annual bonus during the first year of the pandemic. 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. Its very short-sighted for them to redistribute their wealth through share-buybacks instead of helping customers.. Ben Van Beurden Net Worth In 2022 - Show Biz Corner 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. A spokesman for Shell said: 'The CEO's remuneration package is reviewed carefully on an annual basis against a range of UK and international companies, to ensure reward packages are appropriately positioned against market.'. The BBC is not responsible for the content of external sites. Former Chief Executive Officer Shell plc. As powerful as Shell is, its customers may be more powerful. "At this point in time [the cash] comes from our legacy business," he said. 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. Shell CEO takes large pay cut after bruising 2020 | Reuters 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. 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. 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. Carol Massar and Tim Stenovec host a look back at the best interviews, discussions and more. In 2019, Van Beurdens remuneration had also dropped by 51%. 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.. The spotlight has been thrown on the energy firms after a record-breaking set of annual results from the sector, which comes at a delicate time given the cost-of-living crisis impacting firms, businesses - and families all around the country.