Royal Dutch Shell said it is overhauling its pay practices for top management, including pay freezes and limits on bonuses, following a shareholder revolt last year.

The head of Shell’s remuneration committee said salaries for chief executive Peter Voser and chief financial officer Simon Henry, which are 20% lower than their predecessors’ pay, are being frozen until 2011.

Directors will no longer be allowed to award management bonuses if they fail to meet pre-agreed targets.

Top management received bonuses for 2008, despite not hitting targets, prompting 60% of Shell investors to vote against approving the 2008 remuneration report at the annual general meeting last year.