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Posts from ‘January, 2004’

JANUARY 2004 ROYAL DUTCH SHELL NEWS

Shell News Saturday 31 January, 2004

Shell News Saturday 31 January, 2004 

Houston Chronicle: Tough day awaiting Shell chief

Shell News Thursday 29 January, 2004

Shell News Tuesday 27 January, 2004

Shell News Monday 26 January, 2004

Shell News Sunday 25 January, 2004

Shell News Friday 23 January, 2004

Shell News Friday 23 January, 2004 

Daily Mail: Rebels demand shake-up at Shell

Daily Mail: Rebels demand shake-up at Shell

By Brian O’Connor,
23 January 2004 

DISSIDENT Shell investors are seeking a shake-up in the complex structure of the board and its committees. One result may be that an outside chairman is appointed when Sir Philip Watts steps down. 

This would be a revolution for Shell, but big investors are in a revolutionary mood.  

Though most boards now have a full-time chief executive and a part-time chairman, the UK company Shell Transport has traditionally had an executive chairman. So too has its sister company Royal Dutch Petroleum. 

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Daily Mail: Rumours of Watts departure lifts Shell

By Geoff Foster

22 January 2004

RUMOURS were rife that Sir Philip Watts might make a sudden departure. The chairman of Shell has never been everyone’s cup of tea. He further blotted his copybook by failing to turn up to answer analysts’ and investors’ questions about the oil giant’s shock admission that it has cut its proven reserve estimates by 20%.

Some £3bn was wiped off its share price, but Sir Philip was nowhere to be seen.

Shell firmed 4 1/4p to 365 1/2p yesterday on hefty turnover of 73m as dealers heard that major shareholder Legal & General was pressing for a change. Some suggested his departure could even be confirmed when the group reports annual results on 6 February. If not then, the word is that April’s AGM will certainly be his last.

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Reuters: Shell boss drops out of Davos economic forum

Thu 22 January, 2004 10:29

DAVOS, Switzerland (Reuters) – Royal Dutch/Shell boss Phil Watts, facing shareholder wrath after the company’s downgrade of its oil and gas reserves, has cancelled an appearance at the World Economic Forum.

“He’s not coming,” said a Shell spokesman in the Swiss ski resort of Davos on Thursday. “You will understand that the schedules of chief executives are very busy and constantly changing.”

Watts, chairman of Shell’s Committee of Managing Directors, had been due to take part in a discussion on Thursday on “how business boosts development” at the annual gathering of political and business leaders.

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New York Times: Shell Lowers Estimate, and Investors Ask Why

By HEATHER TIMMONS

January 22, 2004

LONDON, Jan. 21 – Shell’s surprise cut in its reserve estimate this month may be a sign that the uniquely structured company needs to reconfigure itself, some investors and analysts are saying.

Attention has been focused on Sir Philip B. Watts, who led the unit in question before becoming chairman in 2001, but also on Shell’s two-headed structure. Ultimately, most investors doubt that Sir Philip, who will leave his post next year, will step down or be forced out. But the time may be right for Shell to reconsider its overall operating structure, some investors are saying.

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Shell News Thursday 22 January, 2004