PIRC Advises Shell Holders To Oppose CEO Pay Package -Report

Shareholders of Royal Dutch Shell PLC (RDSB.LN) have been advised to oppose the oil major's "excessive" executive pay, which saw Chief Executive Peter Voser's total pay package double to more than GBP10 million last year, The Sunday Telegraph reports, citing a report from a U.K.-based independent shareholder advisory body.

The Pensions and Investment Research Consultants, or PIRC, urged its members to vote down the remuneration report at the firm's annual general meeting Tuesday, the newspaper reports based on a report authored by PIRC.

The "combined remuneration is excessive in the year under review with the chief executive officer receiving annual incentive and conditional long-term incentive plan awards worth 526% of salary," PIRC said.

Voser's base salary was GBP1.3 billion, but his pay package rose to GBP4.5 million through annual bonuses and benefits. His total compensation, including shares from the long-term plan, reached GBP10.1 million, the newspaper reported.

Shell, which in 2009 lost a vote over its remuneration report, is not thought to be expecting a revolt on that scale despite the so-called "Shareholder Spring," the newspaper reports, without citing sources.

A Shell spokesman told the Sunday Telegraph that the "2011 outcomes reflect what was a positive year for the company."

Website: http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/9277342/Shell-latest-victim-of-pay-backlash.html

-By Alex MacDonald, Dow Jones Newswires; [phone]; [e-mail]