Royal Dutch Shell Plc on Tuesday said it would meet shareholders to discuss its future pay policies as investors rejected their pay packages during the Annual General meeting of its 2008 remuneration report held in London and Hague.
It has 59.42 percent investors vote rejects the executive pay policy and 40 percent voted for the said resolution pay plans according to reports.
We take this outcome very seriously and we'll reflect carefully on it, However, the vote is only advisory and will not have any immediate impact on the pay packages that executives received, Shell Chairman Jorma Ollila said.
Recently, The company posted first quarter net profit of 62 percent decline as oil prices slumped the economic recessions to $3.49 billion or 57 cents a share from $9.08 billion or $1.46 a year earlier and revenue fell 49 percent to $58.2 billion.
Shares of Shell rose $0.55 to 2.19% at $25.65 in the regular trading.