Shell CEO Wael Sawan received a pay increase of more than 60% in 2025, bringing his total remuneration to almost £14 million. This rise occurred despite a 22% drop in the company’s annual profits and concerns over rising pump prices linked to the ongoing conflict in the Middle East.
Executive Compensation Under Scrutiny
Wael Sawan assumed the role of Shell’s chief executive in 2023 and has since shifted the company’s focus back towards fossil fuels. His 2025 pay package represents a significant increase from the £8.6 million he received in 2024. The increase was announced in Shell’s annual report and has drawn criticism from pay campaigners.
The majority of Sawan’s increased pay—£11.8 million—came in the form of bonuses, including a £2.7 million bonus for the year and a £9.1 million share award tied to long-term business goals. This is the first year reflecting his full pay as CEO, due to a three-year vesting period for share awards.
Broader Trends in Executive Pay
Andrew Speke of the High Pay Centre thinktank stated that, given fears of rising energy prices, “few are likely to look favourably” on Sawan’s pay increase. He similarly noted that this increase is part of a wider trend of less restraint in executive compensation among the largest companies in the FTSE 100.
Sawan’s package is expected to be among the highest paid within the FTSE 100. Last year, the chief executives of Melrose Industries, Peter Dilnot and Simon Peckham, received the highest pay across the FTSE 100, totaling almost £59 million. Pascal Soriot, CEO of AstraZeneca, previously held the top spot with £14.7 million, but could potentially regain it.
While Sawan’s pay is substantial, it remains lower than that of US oil executives, with ExxonMobil’s Darren Woods receiving $44 million in 2024 and Chevron’s Mike Wirth receiving $32.7 million.
Since becoming CEO in 2023, Sawan has refocused Shell on fossil fuel production, which has coincided with a more than 30% rise in the company’s share price. Recent increases in global oil prices, triggered by the conflict in the Middle East, have also contributed to Shell’s recent performance. Brent crude briefly topped $100 a barrel on Thursday before settling at around $98, a 6% increase.
A Shell spokesperson stated that the CEO’s pay is “commensurate with his position” and that around 80% of his package is linked to performance. The company reports that since Sawan took over, Shell has “delivered strong financial and operational performance” and outperformed its peers with a 19% annual shareholder return.
Frequently Asked Questions
What was Wael Sawan’s pay package in 2025?
Wael Sawan’s pay package in 2025 was almost £14 million, a more than 60% increase from his £8.6 million package in 2024.
Why did Shell’s CEO receive a pay increase despite falling profits?
The increase was largely due to bonuses, linked to performance and long-term business targets. Shell reported that the company has outperformed its peers with a 19% shareholder return since Sawan took over as CEO.
How does Sawan’s pay compare to other oil executives?
Sawan’s pay is lower than that of US oil executives, such as Darren Woods of ExxonMobil ($44 million) and Mike Wirth of Chevron ($32.7 million).
As global events continue to impact energy markets, how might executive compensation strategies evolve in response to both company performance and public perception?
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