POSTING ON SHELL BLOG BY “SirPhil” ON 31 Jan 2012
“Having read that the former RBS-CEO, Fred Goodwin, has been stripped of his knighthood by UK authorities. Makes you wonder if and when Sir Phil Watts will stripped of his one. No doubt Phils selfish behaviour at the helm of Shell did more harm to the industry and private investors than Fred.”
EXTRACT: The correspondence between Mr Watts and Mr Van de Vijver began in June 2001 when Mr Van de Vijver took over as head of exploration and production. He was promoted after Sir Philip was made chief executive partly because of his success with reserves. The two engaged in a “pointed dialogue”, with Mr van de Vijver complaining Shell had overbooked reserves throughout the 1990s.
EXTRACT: Shell chairman Sir Philip Watts is resisting pressure to quit following the oil giant’s devaluation of its reserves.
EXTRACT: What a mad world we are in when the person most responsible for the fraud, Sir Phillip Watts KCMG, escaped with a severance/pension package of $18.5 million and also managed to retain his title and his Order of St Michael and St George, a British order of chivalry founded in 1818.
Transcript of Financial Services Authority Interview with Sir Philip Watts: 24 June 2004
Samantha Griffin for the FSA to Sir Philip:
You are not under arrest and are free to leave any time. The interview is being conducted under caution. That is to say you do not have to say anything but it may harm your defence if you do not mention when questioned something you later rely on in Court. Anything you say may be given in evidence. Do you understand?
Link for searchable Transcript of Financial Services Authority Interview with Sir Philip Watts: 24 June 2004: 75 pages – every page marked CONFIDENTIAL
by John Donovan of royaldutchshellplc.com
Soon after Sir Philip Watts was escorted by security guards from the Shell Centre in humiliation and disgrace as a result of his leading role in the Royal Dutch Shell securities fraud, Shell directors appointed Jeroen van der Veer to replace him.
This was despite the fact that van der Veer and fellow Royal Dutch Shell Group Managing Director, Malcolm Brinded, only narrowly avoided being sacked over their role in the oil giants reserves scandal. Both had signed Form 20F Declarations submitted to the U.S. Securities & Exchange Commission containing materially false information. Both were subsequently co-defendants in a U.S. class action lawsuit settled by Shell in which Royal Dutch Shell, as part of the multi-million dollar settlement, made a range of commitments about future governance of the oil giant.
EXTRACT: He resigned as a result of the cumulative assault, shocked, humiliated and disgusted at the shabby inhuman treatment he received from his colleagues.