THE HAGUE (dpa-AFX) - Royal Dutch Shell Plc (RDS-B, RDSB.L, RDSA.L, RDS-A) presented the company's remuneration policy for 2020 that will be voted on at the AGM. Under the proposed policy, the company suggests: to reduce the CEO's target bonus from 150% to 125% (already implemented in 2019); and to reduce the 2020 target LTIP grant level for the CEO to 300% from 340%. The company proposes to introduce a greater emphasis on discretionary management of remuneration outcomes for the CEO.
Shell also presented annual bonus outcomes for 2019. The annual bonus outcome for the CEO was lowered 73% from 2018. The annual bonus for the CFO was reduced 68%. For the CEO, the single figure outcome was 9.96 million euros.
Also, Royal Dutch Shell said the company's intention to complete the $25 billion share buyback programme remains unchanged, but the pace remains subject to macro conditions and further debt reduction. Shell has completed about $15 billion of buybacks as of February 20, 2020.
With regard to the outbreak of the COVID-19, Shell said, to date, the company has not seen a material impact on its operations.
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