Davey: Shell boss £10m pay packet shows need for "bonanza bonus" tax 

EMBARGO: For Immediate Release

The Liberal Democrats have reiterated their calls for a tax on the bonuses of oil and gas company bosses, following the news that the former chief executive of Shell’s pay rose more than 50% to nearly £10m in 2022.

Shell announced today that former chief executive Ben van Beurden received a bonus of £2.6m in 2022, up from £2.2m the previous year. Under Liberal Democrat plans, this would be taxed at 50% raising £1.3 million to help families struggling to afford their bills.

The Liberal Democrats are calling for a “bonanza bonus” tax on oil and gas bosses making millions from sky-high energy bills, similar to the bankers’ bonus tax in 2009-10. 

Liberal Democrat Leader Ed Davey said:

"It is outrageous that oil and gas bosses are raking in millions in bonuses while families struggle to heat their homes.

“Rishi Sunak’s refusal to properly tax these eye-watering bonuses and record profits is mind boggling and shows how out of touch he is. It is completely unfair at a time when the Conservative government is choosing to put people’s energy bills up.

“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."

ENDS

Notes to Editor

Energy executive bonus tax 

The Liberal Democrats are calling for a one off levy on the bonuses awarded to oil and gas company executives. This would be modelled on the Bank Payroll Tax introduced in 2009-10, which taxed bonuses over £25,000 at 50%.