ben van beurden son
Others point out that if Shell itself were to sell its oil and gas business, those assets would be hoovered up by companies that might be less transparent and less inclined to make the effort to decarbonise. He is a smart, principled and dynamic leader, who I know will continue to serve Shell with conviction and dedication," he added. After graduating from Delft University with a degree in chemical engineering, Ben joined Shell in 1983. Romaine Bostick breaks down the day's top stories and trading action leading into the close. "I think this energy transition can be done but it will require a lot of orchestration and a lot of faith of society that it can be done. "I think this energy transition can be done but it will require a lot of orchestration and a lot of faith of society that it can be done. Van Beurden was forced to withdraw Shell from its joint ventures with Kremlin-controlled oil firm Gazprom worth a total of $3bn, including drilling projects at the Sakhalin-II liquefied natural gas facility, projects in Salym and Gydan, both in western Siberia, and its involvement in the Nord Stream 2 pipeline project, which has been cancelled since the invasion. First published on March 9, 2023 / 6:21 PM. By Stanley Reed. We are no longer accepting comments on this article. But MP Darren Jones whose Business, Industrial, Energy and Strategy select committee held an inquiry into the energy market insisted: They havent made this money because they are brilliant. "If we have to build a hydrogen plant from a wind farm that we build in the North Sea for a billion dollars that is not going to be funded by a hydrogen business - it will be funded by the oil and gas business," he said. Ben van Beurden is the CEO of Royal Dutch Shell and his rise to the top position was a shock to many. He'll get another $1.64 . UK firms forced to show how they will hit net zero, More than 20,000 Russians dead in Bakhmut, US says, France May Day protests leave dozens of police injured, Fighter jets are roaring over my home in Sudan. "Even if you're very generous, and assume they get all the amounts of carbon capture and storage and offsets that they need, they might just miss their 2030 targets, and they will not be able to deliver on 2050. Born on 23 April 1958, Van Beurden is a Dutch citizen. What happens to First Republic Bank's stock and deposits now? Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The Shell chief executive Ben van Beurdens pay rose by a quarter in 2021 to 6m, as the fossil fuel producer benefited from soaring energy prices amid calls for a windfall tax on energy companies. Consumers, on the other hand, are fuming about paying high prices at the pump and to heat their homes as energy costs have soared in the wake of Russias invasion of Ukraine. Read about our approach to external linking. He has been given an undisclosed relocation and housing allowance and is selling his 5.2million eight-bed villa in Holland. The next day he gave a keynote speech which built on the theme and argued for change in the oil and gas industry. He attended a state banquet for the Mexican president at Buckingham Palace in 2015, one for the King and Queen of the Netherlands in 2018 and another the next year for US President Donald Trump. Explore in 3D: The dazzling crown that makes a king. We want to hear from you. Alice Harrison, fossil fuels campaign leader at Global Witness, said: 'Shell's CEO earned in one year what a typical UK worker would earn in six lifetimes.'. The group's annual report also showed Mr Sawan was appointed on a 1.4 million annual salary, in line with his predecessor, plus a potential bonus worth 125 per cent of salary and long-term shares worth up to a maximum potential of 300 per cent of salary. Mr. van Beurden suffered a bitter blow last year when a court in the Netherlands, then Shells home country, ordered it to move much faster on reducing emissions. He is well versed in the petroleum-rich Middle East, and formerly ran Shells business in Qatar. 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Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Ron has covered since 2014 the worlds top oil and gas companies, focusing on their efforts to shift into renewables and low carbon energy and the sector's turmoil during the COVID-19 pandemic and following Russia's invasion of Ukraine. Van Beurden whose full name is Bernardus Cornelis Adriana Margriet van Beurden previously lived in West London with his Australian wife Stacey and his four children. The unprecedented hit to the energy sector last year due to the pandemic, which briefly knocked benchmark U.S. oil prices into negative territory, forced Shell to cut its dividend for the first time since World War Two. In February he sold 190,000 of his shares at an average price of 20.40 per share, raking in another 3.876million. Chief Executive Officer Ben van Beurden responded by slashing spending and cutting Shell's dividend for the first time since World War II. Mackenzie will also likely lead the search in the coming years for a successor to van Beurden. I have great confidence in Wael as my successor. This is why some doubt that Shell can hit either its own targets and those imposed by a Dutch court which require it to halve its own net emissions by 2030 and eliminate them entirely by 2050. This material may not be published, broadcast, rewritten, or redistributed. The footage showed water being poured over him by his two young daughters from buckets which were reportedly Veuve Clicquot champagne coolers. Mortgage fee structure 2023: Here's how it's changing, King Charles III's net worth and where his wealth comes from, California bill that would hit oil profits gets stuck in the political mud, 4 oil companies had total sales of $1 trillion last year, Oil giants rake in record profits as energy prices remain high. He said: "Why would you say: Let's not get our oil and gas demands from our own resources but let's import from somewhere else, probably with a larger carbon footprint. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Royal Dutch Shell Chief Executive Ben van Beurden's pay package dropped by 42% to $7 million in 2020, a year in which the coronavirus pandemic pushed the energy company to a historic dividend cut . Sept. 15, 2022. Van Beurden's pay includes a 2.6 million-pound bonus and 4.9 million pounds worth of stock, according to the company's annual report. Its not easy to run an oil major when people suddenly stop needing oil. That reliance needs to be managed down over time according to Mr van Beurden otherwise we will see price shocks in the future that will be counterproductive. 'We're calling on the UK Government to implement a people-first windfall tax in next week's Spring Budget, which includes executive bonuses, and to ensure a rapid transition to homegrown renewable energy sources that are cleaner and cheaper than oil and gas, and better for energy security.'. The boss of oil giant Shell has insisted it can transition to net zero by 2050, but it will need the cash from its oil and gas business to pay for it. Van Beurden's pay includes a 2.6 million-pound bonus and 4.9 million pounds worth of stock, according to the company's annual report. Get this delivered to your inbox, and more info about our products and services. Van Beurden stepped down at the end of last year and was replaced by Wael Sawan, who will be paid a base salary of 1.4 million pounds and a bonus that's expected to be bigger than the salary, the report said. Wael Sawan, currently Shell's director of integrated gas, renewables and energy solutions, will become its next chief executive on Jan. 1. Trump motion to declare mistrial in E. Jean Carroll lawsuit denied, Tornado hits Virginia Beach, likely damaging hundreds of homes, Transgender Montana lawmaker Zooey Zephyr sues over censure, Debt ceiling standoff heats up over veterans' programs, Texas man who lost wife and son in shooting shares story, NYPD officer Troy Patterson dies 33 years after being shot in robbery, Supreme Court to hear case that could curb power of federal agencies, The weirdest items passengers leave behind in Ubers. Mr van Beurden says these estimates are speculative and insists Shell is on track, having cut the carbon intensity of its own operations by 17% since 2016. Ben van Beurden became Chief Executive Officer (CEO) on January 1, 2014. "In fact, they will be increasing emissions until 2030, and still be producing significant amounts of emissions in 2050," she says. "You can't divest from the world. He is one of the highest-earning executives at the Royal Dutch Shell Plc since the pay rise. "Even if you're very generous, and assume they get all the amounts of carbon capture and storage and offsets that they need, they might just miss their 2030 targets, and they will not be able to deliver on 2050. As long as there is demand for fossil fuels. That would be a mistake, according the world's largest asset manager Blackrock which looks after 13 trillion dollars in pensions and savings. 2023 BBC. If you have a pension you are almost certainly a part owner of Shell, BP and other oil and gas companies. Oil giant Shell on Thursday announced that CEO Ben van Beurden will step down at the end of the year after nearly a decade at the helm. That reliance needs to be managed down over time according to Mr van Beurden otherwise we will see price shocks in the future that will be counterproductive. Got a confidential news tip? Its in businesses interest to not tip the country into recession. "If we have to build a hydrogen plant from a wind farm that we build in the North Sea for a billion dollars that is not going to be funded by a hydrogen business - it will be funded by the oil and gas business," he said. `, "If you want to destroy the faith by driving up energy prices, by creating shortages or market failures, I think politicians are going to lose societal acceptance that this is actually doable.". Ben van Beurden dismissed splitting its legacy oil and gas business from its renewables investment, a move urged by activist shareholder Third Point. Shell is also expected to make its best efforts to reduce the emissions of its customers - which make up 90% of Shell's overall carbon footprint. Mr. Sawan is well respected by the investor community, and the shift is likely to be more of a continuation of strategy set under Mr. van Beurden, said Biraj Borkhataria, an analyst at RBC Capital Markets, an investment bank, in a note to clients. Opposition lawmakers in Britain have called for an expanded tax on the windfall profits of oil and gas firms to provide more help for households struggling to afford expensive utility bills. The pay package for Shell's CEO jumped by half last year to nearly $12 million, the fossil fuel giant said Thursday, as oil and gas companies made record profits from skyrocketing energy costs that have driven a cost-of-living crisis. Ben van Beurden Bernardus Cornelis Adriana Margriet "Ben" van Beurden (born 23 April 1958) is a Dutch businessman who was the CEO of Shell plc from 2014 to 2022. Sign up for free newsletters and get more CNBC delivered to your inbox. Mr van Beurden says the decision on the Cambo oilfield is ultimately one for government but says it makes no sense to substitute UK resources for foreign imports to satisfy domestic demand. All quotes delayed a minimum of 15 minutes. Shares of Shell rose 0.7% during early morning deals in London. See here for a complete list of exchanges and delays. He joined Shell in 1983, after earning a master's degree in chemical engineering from Delft University of Technology, Netherlands. "Ben can look back with great pride on an. Van Beurden, who initially oversaw growth in Shells oil and gas output after taking office in 2014, is now leading the Anglo-Dutch company through a shift towards low-carbon energy in an effort to slash greenhouse gas emissions by 2050. Supervisory Board Mercedes-Benz Group AG - Shareholder Representative. Video, The secret mine that hid the Nazis' stolen treasure, Why the COP26 climate summit is important. He seemed to enjoy sessions with journalists and was willing to engage with even harsh critics. Shell not only rakes in cash from forecourt sales. "At this point in time [the cash] comes from our legacy business," he said. Van Beurden got a roughly 25 percent pay bump last year, making $8.2 million as people around the world paid more for fuel from which Shell is making record profits. "I don't think that it is going to contribute to the balance of payment for the UK and also will not help the carbon footprint of the world.". The London-listed company said Thursday that Mr. Sawan would assume the position on Jan. 1, when Mr. van Beurden steps down after nine years in the role. ICE Limitations. Van Beurden said last week: Our decision to exit is one we take with conviction. However, in his foreword to the annual report he described the exit as in line with government guidance, referring to the heavy pressure thought to be exerted by the UK government as it sought to isolate Russias economy. 2023 BBC. He will be succeeded by Wael Sawan, who currently heads a unit that includes the companys lucrative liquefied natural gas business and its investments in clean energy, including wind and solar power. If you divest, you lose that influence," said Sandy Boss, head of investment stewardship. The news follows speculation that Shell had been actively looking for a successor to replace van Beurden as chief executive. Ben van Beurden was paid 57 times more than median Shell worker, according to oil firms annual report. See here for a complete list of exchanges and delays. Mr. van Beurden also took flak during the pandemic for slashing Shells dividend for the first time since World War II, as oil and gas prices plummeted. Activist Lauren MacDonald was also asked to share the stage with the fossil fuel boss . Ben's career in Shell spans both Upstream and Downstream activities. Van Beurden, 64, who has been at Shell for almost four decades, will continue to work in an advisory role to the board until the end of June. Read more: British Gas owner's profits soar to 3.3BILLION. She added: 'It's a sign of just how broken our energy system is that Shell and other fossil fuel companies have made record-breaking profits from an energy crisis that's forcing families to choose between heating their homes and putting food on the table. Mr van Beurden was speaking at Europe's biggest oil refinery at Pernis near Rotterdam, a facility he plans to transform from refining petrol and diesel, to making biofuels and hydrogen over the next decade. Two other candidates to succeed Mr. van Beurden, Maarten Wetselaar, who preceded Mr. Sawan in running the gas and renewables unit, and Jessica Uhl, who was chief financial officer, have left Shell in the past year. According to The Guardian, Shell's CEO pays more than doubles to 17.2m. Jan 09, 2017 - Shell CEO Ben van Beurden on the year just gone, and the year to come. It produces and imports oil and gas which is then sold to energy companies, manufacturers and industries. Did this woman die because her genitals were cut? How extreme weather is linked to climate change, More than 100 police hurt in French May Day protests, MasterChef Australia host Jock Zonfrillo dies, Explosion derails train in Russian border region, Trump mistrial request denied in NY rape lawsuit, US rock band Aerosmith announce farewell tour, Street piano confiscated as public 'break rules', Russia launches missile attacks on Ukraine, DeSantis-backed board votes to countersue Disney, Father tells how gunman opened fire on Texas home. In his nine years as CEO, Ben van Beurden has dealt with some of the biggest challenges any business could face: COVID-19, Russia's invasion of Ukraine, setting Shell on a path to net-zero carbon emissions. Before Reuters, Ron reported on equity markets in New York in the aftermath of the 2008 financial crisis after covering conflict and diplomacy in the Middle East for AFP out of Israel. All rights reserved. Is climate change killing Australian wine? Commenting on Ben van Beurden, Sir Andrew said: "Ben can look back with great pride on an extraordinary 39-year Shell career, culminating in nine years as an exceptional CEO. The stock price is up more than 40% year-to-date. Its very short-sighted for them to redistribute their wealth through share-buybacks instead of helping customers.. At a time when Brits are struggling to keep up with rising food, fuel and energy bills, his pay jumped by more than a quarter last year and is 57 times more than the average Shell employee. That would be a mistake, according the world's largest asset manager Blackrock which looks after 13 trillion dollars in pensions and savings. Afterward, Mr. van Beurden led a move of the companys headquarters to London, mostly citing tax reasons. [1] Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". They have made this money because Russia invaded Ukraine.. LONDON (AP) Shell CEO Ben van Beurden is stepping down at the end of 2022 after nine years in charge, the energy giant said Thursday, a change that comes as oil and natural gas companies. Shell said van Beurden would continue to work as an advisor to the Board through to June 30 next year, after which he will leave the company. UK firms forced to show how they will hit net zero, More than 20,000 Russians dead in Bakhmut, US says, France May Day protests leave dozens of police injured, Fighter jets are roaring over my home in Sudan. These profits are down to speculators gambling on the Ukrainian crisis. During the last decade, he has been in the vanguard for the transition of Shell to a net-zero emissions energy business by 2050 and has become a leading industry voice . As powerful as Shell is, its customers may be more powerful. The secret mine that hid the Nazis' stolen treasure. He will now become one of Europes leading industrialists and, almost automatically, a public figure and a focal point for criticism from environmental activists. His bonus rose from 2.2m in 2021 to 2.6m in 2022. London-based Shell paid Ben van Beurden a total of 9.7 million pounds ($11.5 million) in 2022 as annual company profits doubled to an all-time high of $40 billion because Russia's war in Ukraine sent oil and gas prices soaring. As the recent energy crisis brutally exposed, the UK along with the rest of the world is still hugely reliant on fossil fuel. Mr. van Beurden, 64, whose departure was not a surprise, has steered Shell through a turbulent time and is leaving on a high note at least for investors in oil and gas, who are seeing record profits and payouts. The Shell chief executive Ben van Beurden's pay rose by a quarter in 2021 to 6m, as the fossil fuel producer benefited from soaring energy prices amid calls for a windfall tax on energy. | Learn more about Ben van Beurden's work experience, education, connections & more by visiting their profile on LinkedIn Russias invasion of Ukraine has caused energy prices to rise further since the start of the year, suggesting that even higher bills may be likely for households and businesses. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. That demand can be influenced by government carrot or stick, companies can be squeezed by financiers but consumer behaviour will ultimately determine whether the world can hit net zero by 2050. 4. Exclusive news, data and analytics for financial market professionals, Reporting by Ron Bousso Editing by Jason Neely and Mark Potter, As oil output peaks, US Gulf of Mexico makes room for carbon capture, Oil drops 1% as economic growth concerns offset OPEC+ cuts, U.S. April oil exports top forecasts on Chinese demand, Enbridge acquires gas storage facility in British Columbia for $295 million, IMF lauds 'quick and orderly resolution' of First Republic by US regulators, FDIC sees merits of increasing backstop for business accounts, IMF's Georgieva says more vulnerabilities in banking sector may be exposed. Demands have increased for oil and gas companies raking in huge profits to do more to reduce high energy costs that are hurting consumers and small businesses. Royal Dutch Shell Plc had been turning out about 2.7 million barrels of oil each day until the novel coronavirus took hold of the world. Get browser notifications for breaking news, live events, and exclusive reporting. Video, The secret mine that hid the Nazis' stolen treasure, Why the COP26 climate summit is important. If you divest, you lose that influence," said Sandy Boss, head of investment stewardship. Others point out that if Shell itself were to sell its oil and gas business, those assets would be hoovered up by companies that might be less transparent and less inclined to make the effort to decarbonise. Tough choices on the road to a lower-carbon world Jan 08, 2016 - Shell CEO Ben van Beurden reflects on business challenges and opportunities, and Shell's role in the transition to a cleaner energy future. Talking exclusively to the BBC, he said the company's plans for greener energy could only be funded by oil and gas. It's much better to engage with companies and use your influence as a shareholder. A spokesman for Shell said the chief executive's pay package is 'considered the appropriate quantum for running a group of Shell's scale and complexity'. Van Beurden said Shell did not make a profit from supplying energy directly to UK households, but it has profited enormously from wholesale energy prices soaring. Liberal Democrat leader Ed Davey has said that the money that oil and gas companies made after Russia launched a full-scale invasion of Ukraine last February should be helping struggling families. Shell, Europes largest oil company, said on Thursday that Ben van Beurden, who has served as chief executive since 2014, would step down at the end of the year. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Average weekly earnings for British people rose by 4.3% in the year to December, meaning their real wages fell because of inflation, caused in part by higher energy prices. Mr van Beurden was speaking at Europe's biggest oil refinery at Pernis near Rotterdam, a facility he plans to transform from refining petrol and diesel, to making biofuels and hydrogen over the. Read the speech 'Embracing Evolution' here. And, as critics warned, the company remains saddled. Ben van Beurden dismissed splitting its legacy oil and gas business from its renewables investment, a move urged by activist shareholder Third Point. All quotes delayed a minimum of 15 minutes. He is also on the board of Mercedes-Benz and said in 2017 he drives a 90,000 S-class hybrid. The company awarded Van Beurden 5.4m in bonuses and long-term incentive payments, on top of his 2m fixed pay. That demand can be influenced by government carrot or stick, companies can be squeezed by financiers but consumer behaviour will ultimately determine whether the world can hit net zero by 2050. Shell currently has a global carbon footprint the size of Russia's if you include the emissions from customers using Shell products. Sign up to the daily Business Today email or follow Guardian Business on Twitter at @BusinessDesk, Original reporting and incisive analysis, direct from the Guardian every morning, 2023 Guardian News & Media Limited or its affiliated companies. A Shell spokesperson said van Beurden's decision to sell was "a private matter". The oil major announced on Thursday that former BHP Chief Executive Andrew Mackenzie would become its next chairman to succeed Charles Holliday, who steps down on May 18 after being in the role for six years. Mr van Beurden was in charge when Shell bought gas giant BG Group for 36bn in 2015, and when the firm moved its headquarters to London earlier this year. Ladies and gentlemen, Thank you. Van Beurden, 64, joined Shell in 1983 and became CEO of the company in 2014, after serving as director of the firm's refining and chemicals business. Powered and implemented by FactSet. Read about our approach to external linking. The Dutchman, on 6.2million a year, said: We cannot perform miracles. His wage is 143 times higher than the average pay of the company's UK workforce. I hope the big shareholders can sleep well knowing millions are struggling just to pay to heat their homes or fill their tanks to drive to work and medical appointments..
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