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It's much better to engage with companies and use your influence as a shareholder. The London-listed company said Thursday that Mr. Sawan would assume the position on Jan. 1, when Mr. van Beurden steps down after nine years in the role. 'Whether it is executive bonuses or soaring profits, the money being made out of Putin's illegal war should be helping struggling families not oil and gas barons.'. There is growing clamour on the part of many pension fund trustees and their scheme members to dump or divest shares in fossil fuel businesses to starve them of capital. Shell, Europe's largest oil company, said on Thursday that Ben van Beurden, who has served as chief executive since 2014, would step down at the end of the year . Video, The secret mine that hid the Nazis' stolen treasure, Why the COP26 climate summit is important. He joined Shell in 1983, after graduating with a Master's Degree in Chemical Engineering from Delft University of Technology in the Netherlands. "In fact, they will be increasing emissions until 2030, and still be producing significant amounts of emissions in 2050," she says. If you divest, you lose that influence," said Sandy Boss, head of investment stewardship. To stand here today as Energy Executive of the Year is a true pleasure for me. The boss of oil giant Shell has insisted it can transition to net zero by 2050, but it will need the cash from its oil and gas business to pay for it. Adam Berry | Getty Images News | Getty Images, $53 billion purchase of rival BG Group in 2016. Van Beurden's pay includes a 2.6 million-pound bonus and 4.9 million pounds worth of stock, according to the company's annual report. Shell CEO takes large pay cut after bruising 2020 | Reuters Thriving through the energy transition | Shell Global Shell boss Ben van Beurden talks to BBC News exclusively about its transition to net zero. As adviser to the Board, I am supporting Shell to deliver on our Powering Progress strategy that sets out to provide the energy the world needs today while building the energy system of the future. Shell intends to appeal that court judgement. According to The Guardian, Shell's CEO pays more than doubles to 17.2m. Ben van Beurden - Wikipedia Copyright 2023 CBS Interactive Inc. All rights reserved. Mr van Beurden says the decision on the Cambo oilfield is ultimately one for government but says it makes no sense to substitute UK resources for foreign imports to satisfy domestic demand. His wage is 143 times higher than the average pay of the company's UK workforce. Anyone can read what you share. , updated Shell is planning to appeal part of the ruling. He seemed to enjoy sessions with journalists and was willing to engage with even harsh critics. Tough choices on the road to a lower-carbon world Jan 08, 2016 - Shell CEO Ben van Beurden reflects on business challenges and opportunities, and Shell's role in the transition to a cleaner energy future. Activist Lauren MacDonald was also asked to share the stage with the fossil fuel boss . Shell currently has a global carbon footprint the size of Russia's if you include the emissions from customers using Shell products. "I'm looking forward to channelling the pioneering spirit and passion of our incredible people to rise to the immense challenges, and grasp the opportunities presented by the energy transition," Sawan said in a statement, adding that it was an honor to follow van Beurden's leadership. In 2019, Shell CEO Ben van Beurden told the Financial Times that when his daughter was around 10 years old, she once came home from school crying because she'd heard oil and gas companies.