Shell (SHEL) is set to launch a boardroom pay policy that could give Chief Executive Wael Sawan a multimillion-pound annual boost, Sky News reported Wednesday, citing investor sources familiar with the matter.

In years of strong performance, Sawan could receive long-term stock awards worth up to 13.8 million British pounds ($18.8 million), based on a new plan that allows awards of up to nine times his base salary of 1.5 million pounds, the report said.

Shell has finished consulting its largest shareholders, who reportedly said they will back the move as long as there is "clear evidence of pay for performance," it added.

The plan could see Sawan earn at least 4.5 million British pounds more each year, the report said.

Shell didn't immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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