Shareholders back Shell rewards scheme

Shareholders in oil giant Shell today backed a package of rewards which offers senior executives shares worth up to twice their salary.

At the company’s annual general meeting in London a motion backing the group’s “Long Term Incentive Plan” received more than 92% of the vote on provisional figures.

The new incentive scheme is in addition to a remuneration package which saw chairman Philip Watts earn £1.8m (€2.6) last year at a time when both profits and the share price fell.

Shareholders today also rubber-stamped the company’s remuneration report despite calls for them to vote against it.

Britain's National Association of Pension Funds, whose members own about one fifth of the stock market, had called for a vote against the remuneration package.

The NAPF said the company had not provided enough information.