Remuneration April 2019 Shareholder Engagement - Royal Dutch Shell plc
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Remuneration April 2019 Shareholder Engagement Royal Dutch Shell plc Gerard Kleisterlee Chair of the Remuneration Committee
Gearing is defined as net debt as a percentage of total capital. With effect from 2018, the net debt calculation includes the fair value of derivative financial instruments used to hedge foreign exchange and interest rate risks
Definitions & relating to debt, and associated collateral balances. Free Cash Flow is defined as the sum of “Cash flow from operating activities” and “Cash flow from investing activities”. Cash flow from operating activities excluding
working capital movements is defined as “Cash flow from operating activities” less the sum of the following items in the Consolidated Statement of Cash Flows: (i) (increase)/decrease in inventories, (ii) (increase)/decrease in
current receivables, and (iii) increase/(decrease) in current payables. Organic free cash flow is defined as free cash flow excluding inorganic capital investment (acquisitions) and divestment proceeds. ROACE (Return on
cautionary note Average Capital Employed) is defined as the sum of current cost of supplies (CCS) earnings attributable to shareholders excluding identified items for the current and previous three quarters, as a percentage of the average
capital employed for the same period. Capital employed consists of total equity, current debt and non-current debt. Capital investment comprises capital expenditure, exploration expense excluding well write-offs, new
investments in joint ventures and associates, new finance leases and investments in Integrated Gas, Upstream and Downstream equity securities, all of which on an accruals basis. Divestments comprises proceeds from sale of
property, plant and equipment and businesses, joint ventures and associates, and other Integrated Gas, Upstream and Downstream investments, reported in “Cash flow from investing activities (CFFI)”, adjusted onto an
accruals basis and for any share consideration received or contingent consideration recognised upon divestment, as well as proceeds from the sale of interests in entities while retaining control (for example, proceeds from sale
of interest in Shell Midstream Partners, L.P.). Headline divestments is a non-GAAP metric. Divestment cash proceeds in 2016-2018 were equal to $26.7 billion (in Cash flow from investing activities) and $2.1 billion (“Change
in non-controlling interest” in Cash flow from financing activities, primarily related to Shell Midstream Partners, L.P.). Additionally certain contingent payments associated with these divestments are expected to be received in
the future. This presentation contains the following forward-looking Non-GAAP measures: Organic Free Cash Flow, Free Cash Flow, Capital Investment, CCS Earnings less identified items, Operating Expenses, ROACE,
Capital Employed and Divestments. We are unable to provide a reconciliation of the above forward-looking Non-GAAP measures to the most comparable GAAP financial measures because certain information needed to
reconcile the above Non-GAAP measure to the most comparable GAAP financial measure is dependent on future events some which are outside the control of the company, such as oil and gas prices, interest rates and
exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-
GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Royal Dutch Shell
plc’s financial statements. As the projects are expected to be multi-decade producing the per barrel projection will not be reflected either in earnings or cash flow in the next five years. The financial measures provided by
strategic themes represent a notional allocation of ROACE, capital employed, capital investment, free cash flow, organic free cash flow and underlying operating expenses of Shell’s strategic themes. Shell’s segment reporting
under IFRS 8 remains Integrated Gas, Upstream, Downstream and Corporate. All outlook on financial metrics and/or alternative performance measures excludes the effect of IFRS 16 implementation.
Also, in this presentation we may refer to “Shell’s Net Carbon Footprint”, which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that
production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell only controls its own emissions but, to support society in achieving the Paris Agreement goals, we aim to help and
influence such suppliers and consumers to likewise lower their emissions. The use of the terminology “Shell’s Net Carbon Footprint” is for convenience only and not intended to suggest these emissions are those of Shell or its
subsidiaries.
The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate legal entities. In this presentation “Shell”, “Shell group” and “Royal Dutch Shell” are sometimes used for convenience where
references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Royal Dutch Shell plc and its subsidiaries in general or to those who work for
them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this presentation refer to entities over
which Royal Dutch Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively.
Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held
by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.
This presentation contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Royal Dutch
Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current
expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-
looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections
and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition’, ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘goals’’, ‘‘intend’’, ‘‘may’’,
‘‘objectives’’, ‘‘outlook’’, ‘‘plan’’, ‘‘probably’’, ‘‘project’’, ‘‘risks’’, “schedule”, ‘‘seek’’, ‘‘should’’, ‘‘target’’, ‘‘will’’ and similar terms and phrases. There are a number of factors that could affect the future operations of Royal
Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this presentation, including (without limitation): (a) price fluctuations in crude oil and natural gas;
(b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks
associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject
to international sanctions; (j) legislative, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political
risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; and (m)
changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this presentation are expressly qualified in
their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in
Royal Dutch Shell’s Form 20-F for the year ended December 31, 2018 (available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this
presentation and should be considered by the reader. Each forward-looking statement speaks only as of the date of this presentation, April 1, 2019. Neither Royal Dutch Shell plc nor any of its subsidiaries undertake any
obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred
from the forward-looking statements contained in this presentation. We may have used certain terms, such as resources, in this presentation that the United States Securities and Exchange Commission (SEC) strictly prohibits us
from including in our filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.
Royal Dutch Shell April 2019 2
Agenda Themes for today
Our approach to remuneration and its alignment to our strategy
2018 pay outcome
2019 developments
2020 policy review
Royal Dutch Shell April 2019 3
Alignment Strategy How the strategy links to the CEO’s 2018 variable pay elements
with 2018
strategy CEO
The vision for thriving in the energy transition is led by
Thrive in INDIVIDUAL
the energy PERFORMANCE the CEO and embedded in his individual performance targets.
transition
World-class LONG-TERM World-class investment metrics such as cash generation and capital
investment INCENTIVE discipline, as well as value created for shareholders, are included
case PLAN
in the LTIP.
Strong Licence to operate measures such as operational excellence and
licence ANNUAL sustainable development are included in the scorecard. The measures are
to operate BONUS key building blocks to being a world-class investment
case and support our journey to thrive in energy transition.
Royal Dutch Shell April 2019 4
2018 and Base salary
historical pay €’000 Peter Voser on seat
from July 1
2,000
outcomes 0% +3.3% +3.2% +2.5%
Ben van Beurden
on seat
+2.1% +2.1% +2.1% +2.5%
1,500 1,750
1,550 1,600 1,640
1,500 1,460 1,490 1,527
1,400 1,430
1,000
500
0
2009[A] 2010 2011 2012 2013 2014 2015 2016 2017 2018
Annual Bonus Scorecard outcome LTIP vesting outcome
Base salary
2 200%
developed at 10-year
average:
consistent pace 1.5 1.24
150%
Scorecard on
100% Target
average above 1 10-year
average:
target 50% 89% of
target
LTIP vesting 0.5
0%
on average
16-'18
'07-'09
'08-'10
'09-'11
'10-'12
'11-'13
'12-'14
'13-'15
'14-'16
'15-'17
0
below target 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Discretion applied TSR EPS CFFO Production/ROACE
[A] Peter Voser on seat from July 1. Figure shown is the proration of salary for Jeroen van der Veer (€2 mln) and Peter Voser (€1.5 mln).
Royal Dutch Shell April 2019 5
2016 LTIP – Total shareholder return [A] Earnings per share growth [B]
vesting outcome Shell Shell
BP BP
Chevron Chevron
Total Total
ExxonMobil ExxonMobil
0% 20% 40% 60% 80% 0% 100% 200% 300% 400%
Cash flow from operations growth ROACE growth
Shell BP
Chevron Shell
Total Chevron
World class investment BP Total
case: metrics above ExxonMobil ExxonMobil
target
0% 20% 40% 60% 80% 100% 0% 2% 4% 6% 8% 10% 12%
[A] TSR measured from 1 January 2016 to 31 December 2018 using a share price averaged over 90 days (45 days either side of the relevant date).
[B] Calculated on Current Cost of Supplies (CCS) basis, and EPS replaced by FCF for awards granted from 2017 onwards.
LTIP measures are based on relative performance compared with the other oil majors. Growth is measured and ranked based on the 2018 full year data points compared with those at the beginning of the period (financial year 2015 for earnings per share
growth, cash flow from operations growth and ROACE growth) using published financial information.
Royal Dutch Shell April 2019 6
Performance Performance and delivery
Delivery Gearing reduced to 20.3%
Financial
in 2018 All-cash dividend paid
Framework
Delivery Started $25 billion buyback programme
Portfolio Cash Flow From Operations (CFFO) of $53 billion
& projects Realised $10 billion CFFO from new projects in 2018
delivery
Continued to lead the way in energy transition debate
Delivery Financial Disciplined & efficient capital allocation
in 2016- Framework
2018 Delivery Canceled scrip dividend
On track to deliver
organic FCF of $25- Portfolio Realised BG synergies
& projects Delivered $30 billion divestment programme
$30 billion by 2020 as
delivery
announced in 2017 Reduced underlying operating expenses
Divestments: headline. 2020 organic free cash flow outlook at $60 per barrel real terms 2016, mid-cycle Downstream. Share buybacks: subject to further progress with debt reduction and oil price conditions.
CFFO from new projects in 2018 and 2020 compared with 2014, at $60 per barrel real terms 2016, mid-cycle Downstream.
Royal Dutch Shell April 2019 77
CEO pay Pay outcome
outcome Fixed
remuneration
Base salary:
= € 1,527,000
Benefits: €1,559,050
= € 32,050
2018
Annual Target bonus: Individual performance €3,000,000
scorecard
bonus = € 2,290,500 factor = 1.0 (196% of base salary)
result = 1.31
Vesting outcome: [A] Increase in share price: [B] Accrued dividends: [C]
LTIP 236,302 x 190% = 448,974 RDS A 448,974 x €7.215 107,432 x RDS A € 15,209,358
(€9,033,353) (€3,239,346) (€2,936,659)
Pension € 369,400
Total € 20,137,808
Shareholding level
11.8x base salary
2016 vested LTIP shares
were subject to two-year 6x base salary
holding period. CEO 4.5x base salary
voluntarily extended to 2x base salary
three years.
[A] Based on the share price at grant of €20.12.
Dec-16 Dec-17 Dec-18 Mar-19
[B] Calculated as the share price at vesting minus the share price at the date of grant €27.335 - €20.12 = €7.215.
[C] Based on the share price at vesting of €27.335.
Royal Dutch Shell April 2019 8Alignment: comparative pay ratio approaches indicate that Shell is in line with peers and FTSE 30
Pay levels
Consistency: jobs at all levels in Shell are benchmarked externally
Competitiveness: packages are set in the context of the relevant market to ensure we attract and retain talent
Sharing in success: 55,000 employees are on the same annual bonus scorecard as the CEO. 16,000
employees receive share awards with similar performance measures
Target pay 2019 [A] CEO: pay ratio
Internally proportionate FTSE 30 CEO single total figure against actual average global employee
Base salary, plus on-target bonus and long-term incentive, costs [B]
benchmarked externally against relevant market
Lower quartile Median
CEO
Competitive CFO
in market
Proportionate EC Lowest CEO pay ratio Highest CEO pay ratio
internally Shell minimum pay ratio [D]
Fixed remuneration Annual incentive Long-term incentive Shell 2017 CEO single total figure pay ratio [C]
Staff shares in
Shell maximum pay ratio [D]
success Shell 2018 CEO single total figure pay ratio [E]
[A] EC refers to Executive Committee excluding CEO and CFO. SE refers to Senior Executive, the top-level of Shell management below the Executive Committee. [B] Based on average global employment cost using employee numbers and staff costs (excluding
social security costs) as disclosed in the financial statements (n.b. this is not a CEO pay ratio defined under any UK requirement). [C] See “Single total figure of remuneration for Executive Directors’ on page 101 of the 2017 Annual Report. [D] Calculated based
on CEO pay scenarios as illustrated on page 143 of the Annual Report against 2018 actual average global employee costs. The 2018 single figure ratio exceeds this theoretical maximum as the theoretical maximum does not include share price appreciation and
dividends. [E] See “Single total figure of remuneration for Executive Directors’ on page 131 of the 2018 Annual Report.
Royal Dutch Shell April 2019 92019 Key changes in 2019 – anticipating 2020 Policy proposals
Developments
2019 Policy
We engaged shareholders early in preparation for 2020 Policy review. Having listened to
views we have decided to accelerate some changes. Our shareholder approved policy is
broad enough to make these changes without waiting until the vote in 2020 and we are
accelerating the following three changes to take effect from 2019:
Engaged with
shareholders
Listened to their
Energy transition Bonus simplification CEO target bonus
views
Accelerating changes Inclusion of energy Removal of individual Target annual bonus reduced
to 2019, from our transition condition in LTIP performance element to 125% of base salary
2020 Policy work
Royal Dutch Shell April 2019 10Remuneration Evolution of GHG and energy transition-related metrics
developments –
energy transition
2017 2018 2019 2020 Policy review
GHG management in Evolved GHG Energy transition in
Group Annual Bonus management LTIP:
Scorecard: in Group Annual 3-year NCF target
Measures are
~60% of operated Bonus Scorecard (energy products
evolving scope 1&2 (intensities) sold), and
Introduction of emissions Close to 90% of Measures promoting
energy transition Applies to ~55,000 operated scope 1&2 NCF reduction in
metric in LTIP in people emissions long-term
GHG management in
2019
Group Annual Bonus
Scorecard
Royal Dutch Shell April 2019 11Remuneration Energy transition LTIP metrics
developments – The energy transition condition will contain a mix of measures that set the foundations to contribute to
Shell’s strategic ambitions in the longer run:
energy transition
Net Carbon Footprint (NCF): a target for reducing the NCF of the energy Shell sells [A]
Growth of our power business
Advanced biofuels technology
Development of systems to capture and absorb carbon
10% weighting 25% Absolute 2018 LTIP structure 2019 LTIP structure
measures
32.5% Absolute
expected to increase measures
75%
67.5%
over time Comparative
Comparative
25% 25%
measures 10.0% measures
Applies to 150 TSR
22.5% TSR
senior executives ROACE
ROACE
22.5%
Key collaboration CFFO
CFFO
FCF
with CA100+ and FCF
25% 25% 22.5% Energy transition
major shareholders
22.5%
[A] For the 2019 award, the target is a 2-3% reduction in NCF from the 2016 baseline NCF disclosed in the 2018 Climate Change section on page 77 of Shell’s 2018 Annual Report.
Royal Dutch Shell April 2019 122020 Process
Developments
2020 Policy
Continue Policy review in preparation for the 2020 AGM
No further change in policy proposed in 2020 for: LTIP structure, threshold vesting level or
bonus structure
Areas for consideration: balance of LTIP measures following introduction of energy
Remuneration
transition, comparator group, best practice policies around shareholding requirements,
Committee continues
its Policy review pensions and malus and clawback
for the 2020 AGM
Royal Dutch Shell April 2019 13Summary 2018 Remuneration outcomes
for 2019 Above target Annual Bonus Scorecard outcome
AGM Voting Outstanding relative LTIP performance for 2016-2018 across four key financial metrics
Improved disclosures on REMCO’s decision-making
2018 variable pay mainly in shares
CEO pay: 2016 vested LTIP shares subject to two-year holding period. CEO voluntarily
extended to three years, in accordance with holding policy introduced in 2017
Changes in 2019 Remuneration
Salary increase in line with broader workforce
Reduction in CEO’s target bonus opportunity so target is now 50% of maximum
Removal of individual performance factors for the Executive Directors
New energy transition condition in LTIP
Royal Dutch Shell April 2019 14Questions & Answers Royal Dutch Shell April 2019
Royal Dutch Shell April 2019
Benchmarked against 4 oil majors
Directors’ Fixed
and 15 European companies
remuneration remuneration
policy
Short term
Short-term operational delivery 30%
50% Operational
CFFO
50% cash targets excellence
Annual 50% bonus in shares, subject to
20% Sustainable
12.5% Project delivery
3-year holding period which 12.5% Production
bonus development 12.5% LNG liquefaction
50% shares remains in force post-leaving volumes
10% Safety 12.5% DS availability
10% GHG
World-class investment financial
22.5% TSR 22.5% FCF
metrics
Long Term
3-year performance + 3-year
Incentive Plan 22.5% ROACE 22.5% CFFO growth
holding period which remains
2019 growth
Long term
in force post-leaving
10% Energy Transition
Shareholding & Shareholding requirement: CEO: 7 x base salary; CFO: 4 x base salary
holding periods
Malus & clawback Malus and clawback provision apply to bonus and LTIP
Royal Dutch Shell April 2019 172018
Annual bonus
12.5%
LNG liquefaction
50% 10%
10%
GHG
Environment
management
12.5%
Production
20%
12.5% 5%
DS availability Personal safety
30% 10%
Safety
12.5% 5%
Project delivery Process safety
Cash flow from operating activities Operational excellence Sustainable development
Rewards delivery of
short-term operational
Upstream and Integrated Gas GHG intensity: tonne CO2-equivalent per tonne of production
targets as well as 10%
Refining GHG intensity: tonne CO2-equivalent per UEDCTM [B]
GHG management [A]
individual contribution Chemicals GHG intensity: tonne CO2-equivalent per tonne of steam cracker high value chemicals production
to Shell
[A] GHG metrics have evolved in 2018 [B] Solomon’s utilised equivalent distillation capacity.
Royal Dutch Shell April 2019 18Shareholder 1 year
Annual
alignment and bonus
performance Net shares held for 3 years
longer time period
horizons 50% delivered in cash
50% delivered in shares
Long Term 3 year
Net shares held for 3 years
Incentive Plan performance period
100% delivered in shares [A]
Performance period followed by a 3-year holding period that remains in force post-leaving
Executive Directors’ shareholding
% of base salary
3 year bonus and CEO, Ben van Beurden
Value of shares counting towards
LTIP holding periods guideline at December 31, 2018
CFO, Jessica Uhl
Shareholding guideline
0% 100% 200% 300% 400% 500% 600% 700%
[A] Vesting subject to performance conditions.
Royal Dutch Shell April 2019 19(€ Thousands) Ben van Beurden Jessica Uhl [A]
Single total 2018 2017 2018 2017
figure of Salaries 1,527 1,490 995 796
remuneration Taxable benefits 32 30 49 44
for Executive Total fixed remuneration 1,559 1,520 1,044 840
Directors Annual bonus [B] 3,000 3,000 1,550 1,050
LTIP [C] 15,209 4,021 1,783 623
18,209 3,333
Total variable remuneration 7,021 1,673
Total direct remuneration 19,768 8,541 4,376 2,513
Pension [D] 369 368 196 287
Tax equalisation [E] - - 289 194
Total remuneration including pension 20,138 8,909 4,862 2,994
in dollars $23,790 $10,067 $5,744 $3,383
in sterling £17,817 £7,811 £4,302 £2,625
[A] Jessica Uhl was appointed as an Executive Director with effect from March 9, 2017 and her remuneration for 2017 is pro-rated accordingly. [B] The full value of the bonus, comprising both the cash and bonus delivered in shares. [C] Remuneration for
performance periods of more than one year, comprising the value of released LTIP (in respect of 2016). [D] For Ben van Beurden, the amount reported for pension consists of a net pay defined contribution amount of €369,400. The amount to be reported for his
defined benefit pension accrual is zero, calculated in accordance with UK reporting requirements. For Jessica Uhl, the amount report for pension consists of a defined contribution amount of €94,050 and a defined benefit pension accrual of €102,436.[E] Includes
tax equalisation of pension contributions to foreign pension plan(s), when they are taxable above a certain pensionable salary threshold or once double tax treaty exemption ceases, under Dutch law. Tax equalisation is applied for the loss of pension relief for
members of a foreign pension plan(s) in their host country.
Royal Dutch Shell April 2019 20Result
Measures Weight (% of scorecard) Target set Score (0-2)
achieved
2018
Cash flow from operating activities ($ billion) 30% 42 53 2.00
Annual bonus Operational excellence 50% 1.04
Production (kboe/d) 12.5% 3,750 3,666 0.25
LNG liquefaction volumes (mtpa) 12.5% 33.5 34.3 1.82
Refinery and chemical plant availability (%) 12.5% 92.1 91.9 0.90
Project delivery on schedule (%) 6.25% 80 75 0.75
Project delivery on budget (%) 6.25% 100 97 1.65
Sustainable development 20% 0.95
Total recordable case frequency (injuries/million hours) 5% 0.7 0.9 0.00
Operational Tier 1&2 process safety events (number) 5% 125 121 1.13
Upstream and Integrated Gas GHG intensity (tonne CO2-equivalent per
4% 0.164 0.155 1.75
tonne production)
TM
Refining GHG intensity (tonne CO2-equivalent per UEDC [A]) 4% 1.05 1.05 1.00
Chemicals GHG intensity (tonne CO2-equivalent per tonne of steam
3% 0.97 0.96 1.20
cracker high value chemicals production)
100%
Mathematical scorecard outcome 1.31
CEO: € 3,000,000
Final bonus [B]
CFO: € 1,550,000
[A] Solomon’s Utilised Equivalent Distillation Capacity [B] Annual bonus = (base salary x target bonus % x scorecard result x individual performance factor). Rounded down to the nearest €50,000.
Royal Dutch Shell April 2019 212018 HSSE Goal Zero on safety Operational spills
performance Injuries – TRCF [A] (per million working hours) million working hours Thousand tonnes #
context
TRCF TRCF Target Working hours (RHS) Volume of spills Number of spills (RHS)
Upstream flaring Process safety
Million tonnes CO2-equivalent Number of incidents
Overall good
performance
Second-best TRCF
performance on
record (best 2017)
Tier 1 incidents Tier 2 incidents
[A] Total Recordable Case Frequency.
Royal Dutch Shell April 2019 22You can also read
