LONDON, March 14 — British oil major Shell’s CEO Wael Sawan’s total pay package in 2023 was £7.9 million (US$10.11 million), including an annual bonus of £2.7 million, its annual report showed on Thursday.

Sawan was appointed to the top job at Shell at the start of 2023, replacing Ben van Beurden, who received a total remuneration of £9.7 million in 2022.

Shell’s profit dropped 30 per cent to US$28 billion, it reported last month, marked by lower chemicals and refining profit margins and slower fuel sales due to sluggish global economic activity.

Sawan was appointed on a salary of £1.4 million, a pay component typically outstripped by additional performance-related payments.

Last week, rival BP BP.Lsaid it clawed back £1.8 million from former CEO Bernard Looney’s 2023 pay package following his dismissal on Dec. 13 for failing to disclose past relationships with employees.

Shell’s shares have risen nearly 9 per cent, as of last close, since Sawan took over as CEO. — Reuters pic