Director/PDMR Shareholding

Rhea-AI Summary

Shell plc has announced conditional performance share awards under the Shell Share Plan 2023 for several key executives. The awards were made on January 31, 2025, and are subject to performance conditions and Remuneration Committee discretion.

The largest allocation went to CEO Wael Sawan with 162,964 shares (£4.36M), followed by CFO Sinead Gorman with 96,871 shares (£2.59M). Other notable recipients include Huibert Vigeveno (58,457 shares), Zoe Yujnovich (56,398 shares), Robin Mooldijk (43,532 shares), and both Philippa Bounds and Rachel Solway receiving 34,608 shares each.

The shares were valued at £26.79 for LSE transactions and €32.16 for AMS transactions.

Positive

• Significant executive compensation alignment with company performance through conditional share awards
• Total share awards value exceeds £13.9M, demonstrating substantial investment in leadership retention

Negative

• Potential future shareholder dilution from performance share issuance
• Significant executive compensation expense impacting company financials

Insights

Executive Compensation Analyst

This comprehensive executive compensation package represents a strategic move in Shell's long-term executive retention and performance alignment strategy. The distribution pattern of the awards reveals key insights about Shell's organizational priorities and governance structure.

The allocation hierarchy is particularly noteworthy, with CEO Wael Sawan's award of 162,964 shares representing approximately 33% of the total share allocation, while CFO Sinead Gorman's 96,871 shares accounts for about 20%. This proportional distribution aligns with typical FTSE 100 executive compensation structures, where CEO awards commonly range from 1.5 to 2 times that of other C-suite executives.

The conditional nature of these awards is a important governance mechanism. Rather than outright grants, these performance shares create a direct link between executive wealth and shareholder returns, typically vesting over a 3-5 year period subject to specific performance metrics. This structure serves multiple purposes:

• Creates long-term alignment with shareholder interests
• Provides substantial retention incentives during the vesting period
• Enables the company to adjust final payouts based on actual performance achievement

The timing of these awards at the beginning of 2025 positions Shell to retain its key leadership team through critical phases of its energy transition strategy. The substantial awards to operational directors, particularly in Downstream, Renewables & Energy Solutions (58,457 shares) and Integrated Gas & Upstream (56,398 shares), indicate the board's emphasis on maintaining stability in these strategically important divisions.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES IN ACCORDANCE WITH THE REQUIREMENTS OF THE EU AND UK MARKET ABUSE REGIMES
February, 4 2025
Shell plc announces that each of the following Persons Discharging Managerial Responsibilities (“PDMRs”) have been made a conditional award of performance shares of Shell plc under the Shell Share Plan 2023, subject to performance conditions determined by the Remuneration Committee and Remuneration Committee discretion, as set out below.
PDMR	Date Acquired	Share Type	Number of shares awarded
Wael Sawan	31 January 2025	SHEL (LSE)	162,964
Sinead Gorman	31 January 2025	SHEL (LSE)	96,871
Philippa Bounds	31 January 2025	SHEL (LSE)	34,608
Robin Mooldijk	31 January 2025	SHELL (AMS)	43,532
Rachel Solway	31 January 2025	SHEL (LSE)	34,608
Huibert Vigeveno	31 January 2025	SHELL (AMS)	58,457
Zoe Yujnovich	31 January 2025	SHELL (AMS)	56,398
The Notification of Dealing Form for each PDMR can be found below.
Julie Keefe
Deputy Company Secretary
ENQUIRIES
Shell Media Relations
International, UK, European Press: +44 20 7934 5550
LEI number of Shell plc: 21380068P1DRHMJ8KU70
Classification: Additional regulated information required to be disclosed under the laws of the United Kingdom.

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Wael
Last Name(s)	Sawan
2. Reason for the notification
Position/status	Chief Executive Officer
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Conditional award of performance shares of Shell plc under the Shell Share Plan 2023
Currency	GBP
Price	26.79
Volume	162,964
Total	4,364,990.74
Aggregated information
Volume	162,964
Price	26.79
Total	4,364,990.74
Date of transaction	31/01/2025
Place of transaction	Outside a trading venue

  

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Sinead
Last Name(s)	Gorman
2. Reason for the notification
Position/status	Chief Financial Officer
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Conditional award of performance shares of Shell plc under the Shell Share Plan 2023
Currency	GBP
Price	26.79
Volume	96,871
Total	2,594,689.74
Aggregated information
Volume	96,871
Price	26.79
Total	2,594,689.74
Date of transaction	31/01/2025
Place of transaction	Outside a trading venue

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Philippa
Last Name(s)	Bounds
2. Reason for the notification
Position/status	Legal Director
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Conditional award of performance shares of Shell plc under the Shell Share Plan 2023
Currency	GBP
Price	26.79
Volume	34,608
Total	926,975.28
Aggregated information
Volume	34,608
Price	26.79
Total	926,975.28
Date of transaction	31/01/2025
Place of transaction	Outside a trading venue

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Robin
Last Name(s)	Mooldijk
2. Reason for the notification
Position/status	Projects & Technology Director
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Conditional award of performance shares of Shell plc under the Shell Share Plan 2023
Currency	EUR
Price	32.16
Volume	43,532
Total	1,399,989.12
Aggregated information
Volume	43,532
Price	32.16
Total	1,399,989.12
Date of transaction	31/01/2025
Place of transaction	Outside a trading venue

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Rachel
Last Name(s)	Solway
2. Reason for the notification
Position/status	Chief Human Resources & Corporate Officer
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Conditional award of performance shares of Shell plc under the Shell Share Plan 2023
Currency	GBP
Price	26.79
Volume	34,608
Total	926,975.28
Aggregated information
Volume	34,608
Price	26.79
Total	926,975.28
Date of transaction	31/01/2025
Place of transaction	Outside a trading venue

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Huibert
Last Name(s)	Vigeveno
2. Reason for the notification
Position/status	Downstream, Renewables & Energy Solutions Director
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Conditional award of performance shares of Shell plc under the Shell Share Plan 2023
Currency	EUR
Price	32.16
Volume	58,457
Total	1,879,977.12
Aggregated information
Volume	58,457
Price	32.16
Total	1,879,977.12
Date of transaction	31/01/2025
Place of transaction	Outside a trading venue

1. Details of the person discharging managerial responsibilities/person closely associated
First Name(s)	Zoe
Last Name(s)	Yujnovich
2. Reason for the notification
Position/status	Integrated Gas & Upstream Director
Initial notification/ amendment	Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Full name of the entity	Shell plc
Legal Entity Identifier code	21380068P1DRHMJ8KU70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
Description of the financial instrument	Ordinary shares of €0.07 each
Identification Code	GB00BP6MXD84
Nature of the transaction	Conditional award of performance shares of Shell plc under the Shell Share Plan 2023
Currency	EUR
Price	32.16
Volume	56,398
Total	1,813,759.68
Aggregated information
Volume	56,398
Price	32.16
Total	1,813,759.68
Date of transaction	31/01/2025
Place of transaction	Outside a trading venue

FAQ

How many SHEL shares were awarded to CEO Wael Sawan in January 2025?

CEO Wael Sawan was awarded 162,964 conditional performance shares of SHEL on January 31, 2025, valued at approximately £4.36 million.

What is the total value of SHEL performance shares awarded in January 2025?

The total value of performance shares awarded under the Shell Share Plan 2023 exceeds £13.9 million, distributed among seven senior executives.

What was the share price for SHEL performance awards on LSE vs AMS?

The share price for SHEL awards was £26.79 on the London Stock Exchange (LSE) and €32.16 on the Amsterdam Stock Exchange (AMS).

What conditions apply to the SHEL performance share awards of 2025?

The performance share awards are conditional and subject to performance conditions determined by the Remuneration Committee and their discretion under the Shell Share Plan 2023.