The board of Shell plc has proposed increasing the maximum pay package for its chief executive ahead of the company’s annual general meeting scheduled for May 19.
The proposal aims to align executive compensation with rival companies operating in similar regions and sectors.
According to the company’s annual report released on Thursday, CEO Wael Sawan received a total pay package of 13.8 million pounds ($18.47 million) in 2025, up from 8.6 million pounds the previous year.
The increase reflects the first time Sawan has been eligible to benefit fully from the company’s three-year CEO remuneration policy since assuming the role in 2023.
The board is recommending a higher target for performance share awards, raising them by 50% to 450% of base salary, with a maximum potential payout of 900%.
Shell said the adjustment would move the CEO’s compensation from roughly the 25th percentile to just below the median of its updated peer benchmarking group.
Despite reporting annual profits of about $18.5 billion last year more than 20% lower than 2024 due to weaker oil prices and softer trading and chemicals results Shell maintained strong shareholder payouts through share buybacks and dividends.
However, the company noted that Sawan’s overall pay would have been higher were it not for four fatal accidents reported in Argentina, Malaysia and Britain during the year, which affected the final remuneration outcome.