Royal Dutch Shell Plc
The head of Shell's remuneration committee said salaries for Chief Executive Peter Voser and Chief Financial Officer Simon Henry, which are 20 percent lower than their predecessors' pay, were being frozen until 2011.
Directors will no longer be allowed to award management bonuses if they fail to meet pre-agreed targets. Top management received bonuses for 2008, despite not hitting targets, prompting 60 percent of Shell investors to vote against approving the 2008 remuneration report, at the 2009 annual general meeting.
Hans Wijers, Chairman of Shell's Remuneration Committee told investors in a letter, a copy of which was published on Shell's web site, that he wanted to demonstrate appropriate restraint in the current economic environment.
(Reporting by Tom Bergin; Editing by Erica Billingham)