Oil giant Shell is reviewing its top management pay structure, including a freeze on salaries and a limit on bonuses, in response to pressure from shareholders, Dutch News reported on Tuesday.
The agency said that last year Shell shareholders rejected the company's bonus plan, which would have seen payouts to executives who "almost" met their targets.
The latest arrangement involves a pay freeze for CEO Peter Voser and CFO Simon Henry until January 2011. Bonuses will only be paid if senior staff achieve their targets.
"Hans Wijers, chairman of the Shell remuneration committee and CEO of chemicals group Akzo Nobel said in a letter to shareholders the new pay structure showed 'appropriate restraint in the current economic conditions,'" the agency said.
AMSTERDAM, February 16 (RIA Novosti)