Admin l Friday, March 10, 2017
NETHERLANDS – Former Chief Financial Officer, CFO, Royal Dutch Shell, Simon Henry will receive €2,288,000 as bonus for loss of office, Shell has said.
He stepped down as CFO and a director with effect from March 9, 2017.
He will however go to his home country, the United Kingdom, and become an employee of Shell International Limited, with effect from April 1, 2017.
“Mr Henry remains available to the incoming Chief Financial Officer and to the Shell Board to assist with the transition and will leave employment with the Shell group on June 30, 2017”, Shell said.
For lossing his position as CFO and director, he will receive gross payment of €2,288,000, equivalent to one times annual pay (base salary plus target bonus).
“The payment for loss of office will be phased in six equal monthly instalments, and outstanding payments will be reduced by 50% if Mr Henry resumes an equivalent full time executive role in that period”, Shell said.
He will in addition be entitled to an annual bonus of €1,350,000 gross in relation to performance year 2016 which has been disclosed in the 2016 Director’s Remuneration Report (“DRR”). 50% of this bonus was deferred into the Deferred Bonus Plan (“DBP”).
However, an annual bonus in relation to performance year 2017 will be determined by Shell’s Remuneration Committee and will be pro-rated for all service in 2017.
” In the event that the proposed Policy (which is subject to shareholder approval at the 2017 AGM) is approved, then 50% of the bonus will be delivered in cash and 50% will be delivered in shares; and the shares will be subject to a three year holding period which remains in force after Mr Henry leaves the employment of Shell International Limited.
“If the proposed Policy is not approved by shareholders at the 2017 AGM then, in accordance with the Policy approved by shareholders at the 2014 AGM, 50% of the bonus will be deferred into the DBP and will be subject to the rules of the DBP (including those rules relating to adjustment events (malus and clawback))”, it said.
