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Posts Tagged ‘Judith Boyton’

Desperation led to Shell’s plotting to exploit 9/11 attacks

Screen Shot 2014-02-10 at 16.29.29BUILD UP TO SHELL RESERVES SCANDAL: Comments by leading Shell execs: “…the market will want to know whose head is going to roll for what they will see as blatant deception.”; “this is potential dynamite for management credibility and the share price”; “…how you have to break the detail of this news in September, assuming that there is indeed a firestorm of hostile comment…”; “why should we have any more confidence in these numbers than the previous ones…”; “…please don’t let the people who have got us into this mess be under any illusion that there is an ‘easy’ answer…”; “You will blight the relative TSR of the Group and everyone’s score card for years to come”; ‘So “blaming”’ it on field declines and slippage on growth in emerging markets is the least we should do in order to downgrade expectations.’

By John Donovan

When we published an article about Shell executives plotting to exploit the 9/11 attacks, we said that the motive behind the discussion was well founded internal and external concern about Shell production growth and problematic reserves.

We now publish Shell internal emails circulated in the months leading up to 9/11, which provide proof of the degree of concern over these issues that led to Shell executives considering such a distasteful strategy to manipulate the markets.

Some extracts: read more

Tainted ‘symbiotic partnership’ between Brunei regime and Shell

His Majesty the Sultan of Brunei meeting Malcolm (TFA) Brinded, Shell’s Executive Director, Upstream International.

By John Donovan

On Sunday 1 January, the Borneo Bulletin published a gushing article under the headline “Oil & Gas continues to shower Brunei with benefits, opportunities“.

It described a claimed lovefest relationship between Royal Dutch Shell and the Brunei Royal family, which the Sultan of Brunei has summed up as: “the extraordinary symbiotic partnership between the Sultanate and the global oil giant… Royal Dutch Shell… read more

London Evening Standard: Shell pays over reserves scandal

London Evening Standard: Shell pays over reserves scandal

“It still faces a host of multi-billion dollar class-action lawsuits and a US Department of Justice probe.”:

Steve Hawkes, Evening Standard

29 July 2004

TROUBLED oil giant Shell has agreed to fork out £83m in penalties to UK and US stock market regulators to settle the reserves crisis that cast a huge shadow over half-year results unveiled today.

Shell plans to pay £17m to the Financial Services Authority* and $120m (£66m) to the US Securities and Exchange Commission to ‘resolve’ investigations into whether it broke disclosure rules.

It still faces a host of multi-billion dollar class-action lawsuits and a US Department of Justice probe. read more

Spring Cleaning

Time Magazine: Spring Cleaning: Europe’s CEOs are biting the dust as a more American-style shareholder activism reaches the boardroom

 By PETER GUMBEL/PARIS

Monday, May. 17, 2004

The board at Shell knew it needed to do something, and fast. A shocking revelation in January — that the world’s third largest oil company had overstated its proven petroleum reserves by 20%–was pummeling its stock price and angering shareholders. Regulators on two continents had started investigations. So in early March the board acted, ousting Philip Watts, who had been managing director of the Anglo-Dutch company for almost seven years and chairman since 2001, and replacing him with Jeroen van der Veer, president of Shell’s Dutch sister company, Royal Dutch Petroleum. A quick cure for all those headaches?
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