Shell CEO Wael Sawan's Pay Jumps 60% to £13.8M Despite 22% Profit Slide — and He Seeks an Even Bigger Bonus Next Year

Shell chief executive Wael Sawan took home £13.8 million ($18.4 million) in 2025, a 60% jump from the previous year, even as the oil giant's profits fell by more than a fifth and four workers died in workplace accidents.

The FTSE 100 company's annual report, published on Thursday, showed Sawan received £1.9 million ($2.5 million) in salary, pension, and benefits, plus £2.76 million ($3.6 million) in annual bonuses and £9.1 million ($12.1 million) in long-term share awards.

His total pay would have been even higher without four fatal accidents in Argentina, Malaysia, and Britain over the past year, the company disclosed.

The deaths triggered a deduction in Sawan's bonus formula but did not prevent the payout altogether.

Shell Wants to Raise Maximum CEO Pay by 50%

Shell's board is now asking shareholders to approve a new remuneration policy that would increase the maximum long-term bonus Sawan could receive by 50%. Under the proposed changes, the CEO could receive stock awards worth up to nine times his £1.53 million ($2 million) salary, meaning his share-based pay alone could reach £13.8 million ($18.4 million) in future years.

The company justified the proposed increase by saying it would bring Sawan's pay from 'around 25th percentile to just below median' compared with peers in similar industries.

'Every three years, Shell seeks shareholder approval for a new executive director remuneration policy as a standard part of regulations for UK-listed companies,' a Shell spokesman said. Shareholders will vote on the proposals at the company's annual general meeting in May.

Profits Dropped, but Shareholder Returns Continued

The pay rise came despite Shell reporting a 22% drop in adjusted earnings to £13.6 billion ($18.1 billion) for 2025, weighed down by weaker oil prices and challenges in the chemicals market.

Shell's finance boss Sinead Gorman also saw her pay rise to £8.5 million ($11.3 million) from £7.25 million ($9.7 million) the previous year.

The company maintained its shareholder return programme throughout the profit decline, raising dividends by 4% and sustaining quarterly share buybacks of £2.6 billion ($3.5 billion) for the 17th consecutive quarter.

Energy Bills Spike as Big Oil Profits

The timing of Sawan's pay increase is particularly sensitive given rising household energy costs. The US-Israel war on Iran has pushed oil prices above £74 ($100) per barrel this week, with analysts warning UK household energy bills could rise by as much as £500 ($667) annually when the price cap is updated in July.

David Miles, a member of the Office for Budget Responsibility's committee, told MPs that a sustained spike in energy prices driven by the conflict could add one percentage point to UK inflation by year's end.

Shell, meanwhile, has doubled down on fossil fuel production under Sawan's leadership. The company abandoned its 2035 emissions target last year and weakened its 2030 goal, citing 'uncertainty in the pace of change in the energy transition.' Sawan has stated that 'cutting oil and gas production is not healthy' and emphasised the 'fragility of the energy system.'

First Full Pay Package for Sawan

The year 2025 marked the first time Sawan could receive a full pay package because of the three-year vesting period for long-term share awards. He took over as chief executive in January 2023, meaning his initial equity grants only matured last year.

Shell said its total shareholder returns had outpaced peers in recent years, contributing to the higher payout.