Shell’s CEO Wael Sawan received about $10 million in total remuneration from the UK-based LNG giant in 2023, according to Shell’s annual report.
Sawan took over as CEO of Shell on January 1, 2023, replacing Ben van Beurden.
The total pay package in 2023 was 7.94 million pounds, or $9.87 million, Shell said in its report.
It included salaries of 1.4 million pounds, total variable remuneration of 5.31 million pounds, and annual bonus of 2.71 million pounds.
Ban van Burden earned about 9.7 million pounds in 2022.
On the other hand, Shell’s CFO Sinead Gorman earned 3.86 million pounds, or $4 million, in 2023.
This is down from 2.86 million pounds, or $4.8 million, in 2022.
Effective January 1, 2024, Sawan and Gorman received a salary increase of 3.9 percent and their salaries for 2024 are 1.45 million pounds and 961,000 pounds, respectively, Shell said.
For the full year 2023, Shell’s adjusted earnings decreased 29 percent to $28.2 billion, while income attributable to Shell shareholders decreased 54 percent to $19.36 billion.
Shell attributed the drop to lower realized oil and gas prices, lower volumes, and lower refining margins.
Shell’s energy transition strategy
Besides releasing its annual report, Shell published its first energy transition update since the launch of its Powering Progress strategy in 2021.
Shell said it will continue its drive to halve emissions from its operations (Scope 1 and 2) by 2030, compared with 2016 on a net basis.
By the end of 2023, Shell had achieved more than 60 percent of this target.
Shell said it also reduced the net carbon intensity of the energy products it sells by 6.3 percent compared with 2016, the third consecutive year it hit its target.
To help drive the decarbonization of the transport sector, Shell has set a new ambition to reduce customer emissions from the use of its oil products by 15-20 percent by 2030 compared with 2021 (Scope 3, Category 11).
In addition, Shell confirmed it will invest $10-15 billion between 2023 and the end of 2025 in low-carbon energy solutions.