Overhaul of Shell costs £67m in fees

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The Independent Online

Investment banks and other professional advisers have picked up $115m (£63m) in fees from the corporate restructuring of the oil giant Royal Dutch Shell.

Investment banks and other professional advisers have picked up $115m (£63m) in fees from the corporate restructuring of the oil giant Royal Dutch Shell.

Details of the cost of transforming the Anglo-Dutch group into a single company with a unified board and one chairman and chief executive are contained in listing particulars being sent to shareholders.

The bulk of the £63m in fees has gone to Shell's three investment bank advisers, Citigroup, Rothschild and ABN Amro. Its lawyers - Slaughter & May in the UK, De Brauw in the Netherlands and Cravath in the US - have also picked up large fees, as have its two auditors, KPMG and PriceWaterhouseCoopers.

The 470-page document also confirms that Shell's executive management, led by chief executive Jeroen van der Veer, could share in a bonus pool worth £17m a year if the company outperforms its rivals over the next three years. Mr van der Veer stands to collect £5m alone on top of his annual salary of £1m.

Total fees to non-executives this year will rise to £970,000, including £150,000 for the Dutch chairman Aad Jacobs. Other non-executives will each receive basic remuneration of £70,000 but the deputy chairman and senior independent non-executive director will each get an additional £30,000. Board members will be eligible for £3,000 payments each time they take intercontinental flights to meetings.

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