Posts on ‘July 15th, 2004’

Financial Times: Mudlark: It’s a Shell of a tale �some shareholders have asked what Moody-Stuart, who remains a non-executive director at Shell, was doing while the reserves debacle was unfolding.� By Clay Harris 15 July 2004 Just when you thought no more surprises could emerge from Royal Dutch/Shell, there comes a curious tale. According to [...]

CNW.ca: Growing strong… Shell Environmental Fund contributes $400,000 15 July 04 CALGARY, July 14 /CNW/ – The Shell Environmental Fund (SEF) recently granted nearly $400,000 to help community and environmental groups begin action-oriented projects that improve or protect the Canadian environment. The SEF’s five regional panels made the grants at review meetings held across the [...]

The Guardian: Energy policy attacked Terry Macalister Thursday July 15, 2004 The government could fall 40% short of its target of ensuring that a tenth of Britain’s electricity is generated by renewable energy sources by 2010, according to a scathing report by a House of Lords body published today. The science and technology committee, chaired [...]

The Independent: Government’s green energy strategy under fire from peers �The chairman of Shell attacked the Government’s green energy strategy yesterday� By Michael Harrison, Business Editor 15 July 2004 The chairman of Shell attacked the Government’s green energy strategy yesterday, accusing it of placing too much faith in onshore wind and doing too little to [...]

The Guardian: Shell Shock 9.50pm, BBC2 15 July 2004 �Corporate giants haven’t had it easy recently, with scandal after scandal rocking the financial world. Shell joined their ranks last January� 15 July 2004 Corporate giants haven’t had it easy recently, with scandal after scandal rocking the financial world. Shell joined their ranks last January when [...]

The Guardian: BP should consider the ‘mother of all mergers’ with Shell �Many Shell shareholders are antagonised by the slow speed with which the board is looking at reforms and many of its board members are discredited by previous failures.� Terry Macalister Thursday July 15, 2004 Global crude prices were back over the $40 a [...]

Financial Times: Moody-Stuart talks: �said yesterday he felt “a sense of responsibility” for what had happened� By Clay Harris Jul 15, 2004 It was with a delicious sense of irony that Sir Mark Moody-Stuart, former head of Royal Dutch/Shell, yesterday lectured attendees at a Chatham House conference on corporate citizenship about the need for strong [...]

The Times: Shell tipped to merge UK and Dutch parents �Shell is under intense pressure to streamline its complex board structure after the reserves misreporting scandal� By Carl Mortished, International Business Editor July 14, 2004 Posted 15 July 04 SPECULATION mounted last night that Shell is considering making radical changes to its corporate structure, including [...]

The Times: SHELL SHOCK: BBC Two, 9.50pm 15 July 2004 �I am becoming sick and tired,� he wrote, �of lying about the extent of our reserves.� 15 July 2004 A clear and merciless indictment of Shell, a company that prided itself on being a safe investment for widows and orphans. In the late 1990s, BP [...]

BBC TV: Oil giant Shell’s investors shocked �that’s fraud in the United States and the Justice Department will have a basis for criminally prosecuting the executives� By Terry Messenger BBC Money Programme 15 July 2004 Investors found they could not trust in Shell after all. Peter Montagnon, head of investment affairs at the Association of [...]

Reuters: Outside auditors warned on Shell reserves �documents� indicate problems were flagged repeatedly to a wider circle of senior executives and board members than previously disclosed� Thu 15 July, 2004 09:12 NEW YORK (Reuters) – An internal auditor at Royal Dutch/Shell notified the oil company’s outside auditors of potential problems with reserves bookings about two [...]

London Evening Standard: Shell alarm two years before scandal �SHELL’S external auditors were warned the oil giant was inflating its energy reserves two years before the company finally came clean� Robert Lea, 15 July 2004 SHELL’S external auditors were warned the oil giant was inflating its energy reserves two years before the company finally came [...]

Bloomberg.com: Shell Outside Auditors Knew of Reserve Issues in 2002, WSJ Says July 15 (Bloomberg) — Outside auditors for Royal Dutch/Shell Group, Europe’s second-largest oil company, learned of possible problems with energy-reserves accounting about two years before the company revealed that it had greatly overstated its holdings, the Wall Street Journal said, citing Shell documents. [...]

The Wall Street Journal: Royal Dutch/Shell �There has so far been very little transparency about these issues.� 15 July 04 Royal Dutch/Shell Group is finding it harder to ignore cries for change to its corporate-governance practices. The Anglo-Dutch oil and gas giant has added two investment banks to the team looking at the options, beefing [...]

The Wall Street Journal: Shell’s Outside Auditors Got Warning on Reserves in 2002 �The documents also suggest that some potential reserves problems at Shell were much more widely known and discussed — both internally and by external advisers — than the company has so far disclosed.� By CHIP CUMMINS Staff Reporter of THE WALL STREET [...]