Posts from ‘March, 2009’
Posted on March 31st, 2009by Paddy Briggs RDS and RBS to merge
The leaked news, yet to be confirmed but buzzing around the City, that the two regal corporations Royal Bank of Scotland and Royal Dutch Shell are to merge has caught analysts and legislators off their guard. The idea that a failing bank and a struggling oil company should pool there resources seems extraordinary but no stranger than the bizarre train of circumstances that has led to this apparent accord. The further leaked insider information that the two beknighted ex-CEOs of Shell and RBS, Sir Philip Watts and Sir Fred Goodwin, are to be jointly tasked with the creation of the new global giant has rocked the city to its foundations Its as if Lehman Brothers went bust one insider said over a large glass of Château Margaux 1986.
(ALLOW TIME TO LOAD)
INCLUDES CORRESPONDENCE BETWEEN SHELL UK CHAIRMAN, JAMES SMITH, AND BOB CRAIG, REPRESENTING SHELL UK PENSIONERS
I mentioned a short while ago in an article featured on this website and elsewhere that the remuneration ratio between a mid level executive like me in Shell when I was last employed by the oil giant seven or so years ago was 10:1. The top man in Shell was paid ten times what I as a middle ranking employee was paid. I never had a problem with this. Today that ratio has risen to an astonishing 50:1 the greedy Executive Board of Royal Dutch Shell pay themselves rewards that bare no comparison with what their predecessors of less than ten years ago were paid. Obscene? Of course. And a root cause of Shells current dysfunctionality and troubles as well the evidence would suggest so.