Shell board makes new bonus rules after revolt
11 April 2012
The board of Royal Dutch Shell today outlined details of new pay and bonus rules after rebellious shareholders accused them of being in "cloud cuckoo land".
The firm agreed to freeze the pay of its top executives until January 2011 and imposed stricter performance measures to justify bonuses.
Restrictions were also brought in on share awards which traditionally earn directors millions. It came after Shell's board last year suffered an embarrassing shareholder revolt over their pay packages which awarded bonuses to executives who'd failed to hit targets.
The revolt was one of the largest in UK corporate history with more than 59% of shareholders voting against the pay deal during a fiery meeting at the Hague.
