Shell Oil Board Member Quits Following Shareholder Revolt

The world of petroleum products is directly tied to that of renewable energy sources, particularly as companies like BP and Shell make movements to impress on society that the oil companies themselves are often leaders in the green energy industry. News this week out of the Netherlands though informs us that Shell Oil board member Peter Job is resigning under pressures stemming from a shareholder revolt:

THE HAGUE, Netherlands, Sept. 12 (UPI) — Shell Oil board member Peter Job has retired following a shareholder revolt over management bonuses, company officials said.

A statement from the oil company, whose board met Friday in The Hague, Netherlands, indicated Job has stepped down from its remuneration committee. His place on the board of directors will be taken by Hans Wijers, a former Dutch economics minister who is chief executive of chemicals and paints group AkzoNobel, The Times of London reported.

The newspaper said Job, 65, formerly chief executive of Reuters, had sparked shareholder anger by moving to give a $2 million bonus to outgoing Shell Chief Executive Officer Jeroen van der Veer even though the company had failed to meet performance targets for 2006 to 2008.

Shareholders voted in May to reject van der Veer’s bonus, The Times said.

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