Financial Times FT.com

Shell investors stage largest rebellion over retention pay

By Michael Steen in The Hague and Tom Burgis in London

Published: May 21 2008 03:00 | Last updated: May 21 2008 03:00

One in three Royal Dutch Shell shareholders at the oil company's annual meeting yesterday voted against plans to award three executives one-off bonuses worth about €1m ($1.6m) to stay in their jobs.

The vote adds to a growing chorus of dissent over so-called "retention payments", in which managements at some of the UK's most venerable companies have felt the wrath of investors in recent weeks.

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