Shell Wins Investor Backing for Higher Executive Bonuses

(David Paul Morris/Bloomberg)

Shell Plc shareholders approved a new policy that could award larger bonuses to executive directors, moving the company closer to compensation levels at its U.S. rivals.

The vote, more than 95% in favor at Shell’s annual meeting in London on May 19, raises the maximum long-term share award for CEO Wael Sawan from 600% to 900% of salary. Chief Financial Officer Sinead Gorman’s bonus ceiling also increases.

For Europe’s largest energy company, the policy increases the potential incentives for top executives at a moment when U.K. boards are pushing to narrow the transatlantic pay gap. Sawan’s total compensation package could now reach more than 19 million pounds  ($25 million) in 2026, excluding pension contributions.

That compares with the 13.8 million pounds Sawan earned in 2025 — which itself was up almost 60% from a year earlier — but remains well below recent pay awards for Exxon Mobil Corp CEO Darren Woods and Chevron Corp.’s Mike Wirth. 

Among European peers, TotalEnergies SE’s Patrick Pouyanne received roughly 10.4 million euros ($12 million) in his latest disclosure, while BP Plc’s new CEO Meg O’Neill’s maximum annual package could reach more than 12 million pounds.

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Sawan 

Shell’s total shareholder returns have outperformed peers since Sawan took office, and the company has said the higher payout reflects that relative performance. His total compensation would have been greater without reductions linked to fatal accidents in Argentina, Malaysia and the U.K.

Shell said the pay change moves the CEO’s total compensation from around the 25th percentile to just below the median of its peer benchmarking group, which includes the other oil majors and large multinational companies such as AstraZeneca Plc, Siemens AG and Volkswagen AG. The board said the policy is needed to align incentives with peers active in similar geographies and industries.