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Sawan took over as CEO of Shell on January 1, 2023, replacing Ben van Beurden, who earned about 9.7 million pounds in 2022.
The total pay package in 2024 was 8.6 million pounds, or about $11 million, Shell said in its report.
It included salaries of 1.45 million pounds, total variable remuneration of 6.82 million pounds, and annual bonus of 2.92 million pounds.
Sawan’s total pay package in 2023 was 7.94 million pounds, or about $10 million.
On the other hand, Shell’s CFO Sinead Gorman earned 7.25 million pounds, or $9.26 million, in 2024.
This is almost two times more than 3.86 million pounds, or $4.8 million, in 2023.
For 2024, Shell reported adjusted earnings of $23.7 billion, down 16 percent, while income attributable to Shell shareholders decreased 17 percent to $16.09 billion.
Salary boost in 2025
Effective January 1, 2025, Wael Sawan and Sinead Gorman received a salary increase of 5.5 percent, and their salaries for 2025 are 1.53 million pounds and 1.01 million pounds, respectively, according to the report.
In reviewing their salaries, Shell’s remuneration committee (Remco) “considered carefully the external environment, including the increases provided to Shell’s workforce in the key markets of the UK (5.5 perecent), the USA (3 percent) and the Netherlands (3.6 percent),” the report said.
“The executive directors’ increases for 2025 were positioned in line with the average UK
increase. The Remco also recognized the multiplier effect on total remuneration,” it said.