The Times: Shell will respond to worries over transparency
By Carl Mortished, International Business Editor
June 17, 2004
SHELL will respond this week to demands from CalPERS, the Californian civil service pension fund, that the oil company end the secrecy surrounding the review of its board structure.
The Anglo-Dutch group has come under criticism for failing to reveal the identities and terms of reference of an internal team appointed after the reserves scandal to consider reforms to the complex governance of Shell and its multi-board structure.
The growing chorus of shareholders requesting more disclosure about the review has provoked an internal argument within Shell over the process, say sources close to the company. Those favouring a legalistic approach to the review want the team to remain in camera, similar to the investigation earlier this year into the misreporting of reserves. They fear that the team will be subjected to undue pressure if the process is made public. read more
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