Shell’s chief executive is poised to become one of the best-paid bosses on the London Stock Exchange as the company’s pullback from green energy boosts returns.
Wael Sawan could see his pay rise by £4.5m to as much as £19m under proposals from the FTSE 100 group, putting him among Britain’s top-earning executives.
His base salary is just over £1.5m, but changes would allow him to earn up to nine times that in long-term incentives, up from six times, plus a maximum £3.8m annual bonus. That could mean share awards worth £13.8m and total pay above £19m.
Since taking over in 2023, Mr Sawan has cut Shell’s exposure to renewables and refocused on oil and gas. The company has dropped its two UK offshore wind projects and plans to reduce wind and solar’s share of power generation from 50pc to 20pc by 2030, while expanding gas and maintaining oil output.
Investors have welcomed the shift. Shell shares are up 22pc since Mr Sawan’s appointment, compared with flat performance at BP and modest gains at Chevron, though Exxon has risen more strongly.
A Shell spokesman said the pay review follows the normal three-year cycle, with final proposals published in March ahead of a shareholder vote at the annual meeting.
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