Shell PLC (LSE:SHEL, NYSE:SHEL)'s chief executive, Ben van Beurden, is reportedly facing an investor rebellion over his £13.5mln pay package.
Investment adviser Pirc urged shareholders to vote against the pay at next week’s AGM, according to the Guardian, calling it “excessive."
Last year, the Dutchman made £6.3mln, up from £5.2mln the year prior.
His salary at the oil and gas giant is £1.42mln, a 3.5% increase on last year, while he could bag himself an extra £12.1mln in a combination of cash and shares should the company hit a set number of targets.
Van Beurden has seen the value of his stock climb to £23mln from £14mln as investors put their money into oil and gas stocks during the ongoing energy crisis.
Reports of increased earnings for top executives have added fuel to the fire of the Labour party, which continues to call for a windfall tax on the North Sea oil and gas operators.
Prime Minister Boris Johnson has so far resisted calls for a one-off levy, believing it would deter investment in the UK by these energy companies.