Did the £20 million Norwegian’s pay row make BG cheaper for Shell?

Helge Lund was widely expected to go into domestic politics when he ended his successful tenure as head of Statoil, the Norwegian state oil and gas company. Instead, he was hired to run BG Group, the troubled former exploration arm of British Gas, but on a promise of such ludicrously rich terms — up to ten times his Statoil salary — that shareholders, the media and Vince Cable howled in protest. An embarrassed BG board had to scale back the offer, though it remained pretty fat and as I wrote at the time, ‘no mention of Lund, however good he turns out to be, will ever omit a jibe at his pay’.
He finally took over BG’s vacant helm a couple of months ago, but meanwhile the value of the company’s oil and gas assets had been written down, its capital expenditure had been slashed and its shares, once £15, were drifting down to £8.50.