Royal Dutch Shell Chairman, Jorma Ollila in response to Shareholder vote on Directors Remuneration
“We take the outcome of this vote very seriously and we will reflect carefully upon it. “As noted, we have already introduced additional performance measures for future awards reflecting on comments from the shareholders and the dialogue we have had during the past years has been the subject of actions and the decision that the committee has already taken, that there will be additional long term performance measures alongside TSR. “As noted, the board has felt that by using the discretion that was given earlier by the shareholders and the fact that there have been revisions down twice and up twice is something that was not only mandated by but also expected by the shareholders when the due factors so warranted. That has been a consideration. “We will obviously review that. But the fact that only 14% of the possible share award over the past four years has been awarded gives you a view on the extent to which restraint has been taken into account. “We do have regular engagements with major shareholders and we will obviously accelerate that with meetings with our shareholders to discuss the implications of this vote during the course of this year so we can take the right kind of decisions on how we go forward and what sorts of revisions of practices and policies are required.”
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