Failure Pays Well: Shell CEO Bags 60% Pay Rise as Profits Slide and the Planet Warms
Wael Sawan, chief executive of shell, saw his pay surge by more than 60% to £13. 8 million in 2025 as the company reported sharply lower adjusted earnings. The rise came while adjusted earnings fell roughly 22% to $18. 5 billion and after a year in which long-term share incentives vested. Most of Sawan’s windfall came from performance-related bonuses and long-term share awards, a structure the company says is consistent with its position.
Shell pay package and company results
The annual report shows Sawan’s total remuneration rose to about £13. 8 million from £8. 6 million the previous year, driven by a large long-term share award and performance pay. Components identified include roughly £1. 9 million in fixed salary, pension and benefits and around £11. 8 million in bonuses, including a £2. 7 million bonus and a £9. 1 million share award linked to longer-term targets. The company reported adjusted earnings of $18. 5 billion for the year, down from $23. 7 billion previously — a decline of roughly 22%.
Senior management pay moves were not limited to the chief executive: the group finance chief saw a noted rise in total pay for the year. At the same time, shares in the company have risen materially over recent periods; since the CEO appointment the share price has climbed and, over the past year, the group benefited from higher oil and gas prices amid regional conflict, a factor cited alongside cost cutting and a renewed focus on fossil-fuel production.
Immediate reactions
Andrew Speke, interim director of the High Pay Centre, said: “As consumers face rising energy and fuel costs, this news will be deeply unpopular. The substantial pay rise for Shell’s CEO appears to be part of a wider pattern in which leading FTSE 100 companies are showing much less restraint in executive remuneration. “
Shell said the overall pay deal is “commensurate with his position at a major global energy company and one of the FTSE’s largest companies. ” Campaigners and some investors have expressed concern about the optics of large executive awards while adjusted earnings fell.
What’s next
The company has outlined proposals to change its executive pay policy, and shareholders will vote on the proposed changes at the annual general meeting in May. The AGM vote will determine whether the revised policy — which the company says would enable larger future bonuses — becomes the framework for executive awards.
Watch how shell shareholders respond at the May meeting and whether investor pressure or public scrutiny alters the company’s pay approach in the year ahead.
