Senior executives at energy companies have the upper hand over their employers. Just how much the power balance has shifted in their favour became clear earlier this month when BP and Royal Dutch Shell both announced big retention packages.
Shell is planning one-off stock awards to Peter Voser (pictured left), chief financial officer, Malcolm Brinded, head of exploration and production, and Linda Cook, gas and power chief. The three are the leading contenders vying to take over as chief executive when Jeroen van der Veer retires in June next year. They will get the award come 2011, regardless of how well they perform. The only stipulation is that they remain at the company.
