‘Outrageous’ Shell bonus triggers call for higher windfall tax – but UK firms take hit from levy

‘The money being made out of Putin’s war should be helping struggling families’

Harbour Energy gets most of its oil and gas from the North Sea (Jane Barlow/PA) (PA Wire)

An “outrageous” bumper executive payout at Shell has led to calls for a higher windfall tax on the industry – even as a major UK oil and gas producer saw its increased profits “all but wiped out” by the levy.

Shell’s annual report revealed its ex-boss saw his pay package soar to £9.7m last year and is in line for further potential payouts of more than £11m. Ben van Beurden's pay jumped by 53 per cent in 2022, including a £2.6m annual bonus and a £4.9m long-term shares award on top of his £1.4m annual salary.

Mr van Beurden – who was replaced by Wael Sawan at the start of 2023 – is also set to pick up another £2.13m this year for advisory work and loss of office, plus a maximum possible £1.8m pro-rata bonus dependent on company performance, as well as a potential £7.4m in long-term awards for 2021 and 2022 share plans.