Former Shell Chief Executive Officer, Peter Voser: remuneration disclosure
As previously announced, Peter Voser stepped down as Chief Executive Officer and as a director of Royal Dutch Shell plc with effect from 1 January, 2014. He repatriated to his base country, Switzerland, and became an employee of Shell Switzerland, from 1 January, 2014. He will leave employment with the Shell group on 31 March, 2014.
The information required to be made available pursuant to section 430 (2B) of the Companies Act 2006 (to the extent it has been finally determined) is set out below. This information will be updated in the 2013 Directors’ Remuneration Report (DRR), to reflect further determinations which will be made in accordance with the existing directors’ remuneration policy.
1. Payment for loss of office
No payment for loss of office is made or will be made to Peter Voser.
2. Remuneration Payments
(i) 2013 Annual Bonus: An annual bonus in relation to performance year 2013 will be determined at the end of January. This information will be updated in the 2013 Directors’ Remuneration Report.
(ii) Long Term Incentives:
Outstanding LTIP awards will not vest early and will be pro-rated for service, in line with the company’s pro-rating policy.
Mr Voser has elected to defer 50% of his 2013 annual bonus, for which a Deferred Bonus Plan (DBP) award will be made in early 2014. Outstanding DBP awards will not vest early and are not pro-rated.
Outstanding share options awarded in 2004 can be exercised in accordance with their terms until they expire on 4 November 2014.
Reporting: The value of 2011 LTIP and DBP awards which will vest in March 2014 will be reported in the 2013 Directors’ Remuneration Report (DRR). The value of awards which vest in future years will be disclosed in the relevant year’s Directors’ Remuneration Reports.
(iii) Pension: Accrued pension benefits for 2013 will be reported in the 2013 Director’s Remuneration Report.
(iv) Benefits: Standard company provisions apply in respect of relocation support: moving household goods, temporary accommodation and transportation.
3. Shell group employment 1 January 2014 to 31 March 2014
(i) Base salary: There will be no change to his base salary in respect of 2014.
(ii) 2014 Annual Bonus: The annual bonus in respect of 2014 will be determined by REMCO, pro-rated for service and settled upon end of employment.
(iii) Long Term Incentives: No 2014 LTIP award will be made.
(iv) Pension: Whilst employed in 2014, he will continue to participate in the company’s pension arrangements as normal.
(v) Benefits: Whilst employed in 2014, relevant normal benefits are continued.
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