Royal Dutch Shell Plc  .com Rotating Header Image

Posts Tagged ‘Judy Boynton’

Verdict on Royal Dutch Shell CFO Simon Henry

Shell internal email correspondence irrefutably proves that Simon Henry was aware in March 2002 that “reserves bookings were made that should not have been made”. Walter van de Vijver, the “sick and tired” Chief Executive of Shell EP, gave the information directly to him. As can be seen in the email, Walter van de Vijver aggressively accused Mr Henry of setting targets that were near impossible to achieve. The question arises of whether Mr Henry was a culprit, an accomplice, or an innocent bystander.

By John Donovan

INTRODUCTION

We have published a series of articles about the starring role of Simon Henry in the Royal Dutch Shell reserves scandal.

Shell internal email correspondence irrefutably proves that Simon Henry was aware in March 2002 that “reserves bookings were made that should not have been made”. Walter van de Vijver, the “sick and tired” Chief Executive of Shell EP, gave the information directly to him. Walter van de Vijver accused Mr Henry of setting targets that were near impossible to achieve. read more

Shell settles fraud case for $150M

FROM OUR AUGUST 2004 SHELL NEWS ARCHIVE

CNN: Shell settles fraud case for $150M

Oil company agrees to pay SEC for overstating reserves, also settles market abuse case in Britain.

August 24, 2004

NEW YORK (CNN/Money) – Royal Dutch/Shell has agreed to pay about $150 million to settle charges by U.S. and British regulators that it vastly overstated oil reserves.

Under the settlement, Shell has also agreed to commit another $5 million to establish an internal compliance program under the direction and oversight of the company’s legal director, the Securities and Exchange Commission said in a statement.

The company units cited by the SEC, Royal Dutch Petroleum and Shell Transport, neither admitted to or denied any wrongdoing, the commission said. read more

Shell seeks to draw a line after fourth cut in reserves

FROM OUR ARCHIVES…

Shell seeks to draw a line after fourth cut in reserves

By Michael Harrison, Business Editor

25 May 2004

Royal Dutch-Shell, the crisis-torn oil giant, yesterday cut its proven reserves for the fourth time this year but then sought to reassure the City that it had drawn a line at last under the fiasco.

The latest downgrade means that Shell has now removed 4.5 billion barrels of oil from the proven category, equivalent to just under a quarter of its total reserves.

Malcolm Brinded, the head of exploration and production for Shell, said he was as sure as he could be that this would be the last revision to reserves estimates. “We are not planning to make further changes but you can never say never,” he added.
read more

Canada candidate for top Shell job

Financial Times: Canada candidate for top Shell job

By Carola Hoyos in London

Published: May 19 2004 5:00 | Last Updated: May 19 2004 5:00

Royal Dutch/Shell yesterday announced the first promotion to its committee of managing directors since the scandal over its oil and gas reserves cut its members from six to three.

The appointment of Linda Cook, president and chief executive of Shell Canada, requires approval by shareholders at next month’s annual meeting. If it is passed, she will take up her post in August.

She is to run the group’s natural gas and power operations – a position she held before her move to Canada in 2003.
read more

Shell reputation reserves close to empty

FROM OUR ARCHIVES…

Sydney Morning Herald: Shell reputation reserves close to empty

April 22, 2004

Posted 6 May 2004

The closely guarded reputation of Royal Dutch/Shell was in tatters this week as British newspapers accused the oil giant of lies and a cover-up after an explosive internal report admitted executives knew of problems with reserves more than two years ago.

Amid the clamour on Tuesday, a leading Shell shareholder publicly rejected the company’s claim that there was nothing fundamentally wrong with its structure. Robert Talbut, chief investment officer at fund manager Isis, said: “They have attempted to present this as being down to a couple of bad apples.
read more

Daily Express: Shell pays £52m to help settle reserves actions

Daily Express: Shell pays £52m to help settle reserves actions

Posted Tuesday 19 July 2005

By Andrew Johnson

Published 13 July 2005

SHELL is close to settling one of the three major class actions it was facing in the US in the wake of last year’s reserves scandal.

The Anglo-Dutch oil giant has agreed to pay, subject to court approval, $90 million (£52 million) to a clutch of pension funds run for its US staff.

It is the latest move by the group to draw a line under the affair which saw nearly 6 billion barrels wiped from its reserves which had been artificially inflated. read more

Shell pays $90m to settle class action

Times Online: Shell pays $90m to settle class action

“Shell still faces two other class action claims. One is a shareholder class action that has been consolidated in a New Jersey court. It is believed this claim asserts that share-based savings schemes suffered losses of more than £1 billion. Shell declined to comment on this case this morning. The other action is a derivative claim. Shell said that it was in settlement discussion over this claim but that it would be premature to comment any further.”

Wednesday July 13, 2005

By Miles Costello

Royal Dutch Shell, the oil giant, has agreed to pay more than $90 million to settle one of three class action legal cases levelled against it following its shock overstatement of the level of its proven oil and gas reserves last year.

The proposed settlement – which still has to be ratified by the American courts – comes after Shell found out earlier this month that it would not face criminal charges in connection with the overstatement scandal.

Shell’s revelation last January that it had been exaggerating the level of its oil reserves for years sent its stock tumbling and cost the jobs of several of its senior executives, including the chairman, Philip Watts. read more

The Guardian (UK): US drops Shell criminal action

The Guardian (UK): US drops Shell criminal action

Mark Milner and David Teather in New York

Friday July 1, 2005

Shell will not face criminal prosecution by federal authorities in the United States for overstating its oil and gas reserves, the company said yesterday.

It said the US department of justice had concluded its investigation and David Kelley, the attorney for the Southern District of New York, had announced that no further action would be taken.

Jeroen van der Veer, Shell’s chief executive, said the company appreciated Mr Kelley’s decision. “The conclusion of this investigation is a most important step towards putting the matter of reserves recategorisations behind us.” read more

The Guardian: Shell escapes charges over reserves reporting

The Guardian (UK): Shell escapes charges over reserves reporting

Mark Tran

Thursday June 30, 2005

Shell escaped criminal charges in the US today after a federal prosecutor decided that bringing the Anglo-Dutch oil giant to court over last year’s reserves scandal would not be in the public interest.

US lawyer David Kelley said yesterday that the world’s third-largest publicly traded oil company had cooperated with an investigation after admitting to an overstatement of its proven oil and natural gas reserves by 4.47bn barrels, or about 23%, from 1997 to 2002. read more

Shell’s slimmer structure ‘will open the door to acquisitions’

Daily Telegraph: Shell’s slimmer structure ‘will open the door to acquisitions’

By Christopher Hope (Filed: 07/06/2005)

A leading Shell executive yesterday predicted that the company’s new slimmed down structure would make it easier to make acquisitions after it missed out on consolidation in the oil and gas industry in the late 1990s.

Shell’s shareholders vote later this month on plans to replace the British and Dutch companies which own Shell with just one business – Royal Dutch Shell – with its main listing on the London Stock Exchange.

Peter Voser, Shell’s chief financial officer, said: “The restructuring scheme will enable us to use our shares as a currency for acquisitions. This will bring us at par with our main competitors. This could be useful in a possible consolidation phase within the industry.” read more

Shell News Monday, 17 January 2005

Shell agrees to cull surplus non-execs

Sunday Telegraph: Shell agrees to cull surplus non-execs

“Executives of Royal Dutch/Shell, the Anglo-Dutch oil giant, have agreed to make a huge cull of its non-executive directors…”: “Meanwhile Judy Boynton, the discredited former finance director, is understood to be likely to agree her severance package in the next two weeks.”: “Her position was seen as untenable after the reserves debacle.”: “It is understood that her package will be close to her contractual terms, which guarantee a payoff worth at least $1m.”

By Sylvia Pfeifer (Filed: 26/09/2004)

Executives of Royal Dutch/Shell, the Anglo-Dutch oil giant, have agreed to make a huge cull of its non-executive directors – the clearest sign yet that the company will unify its two boards next year.

The boards of the two companies – Royal Dutch and Shell Transport & Trading – currently have 16 non-executives between them, far more than the average UK plc board.

The non-execs on the Royal Dutch board include some of Holland’s leading business and political figures, including Wim Kok, the country’s former prime minister. Shell Transport & Trading’s board has nine non-executives. read more

Shell unveils $15bn recovery plan

The Guardian: Shell unveils $15bn recovery plan

“The reserves scandal forced Shell’s chairman, Philip Watts, to resign, along with Walter van de Vijver, its oil and gas chief and its chief financial officer, Judy Boynton. The company was fined by the financial services authority in the UK and the securities and exchange commission (SEC) in the US.”

Mark Tran

Posted 23 Sept 2004

The Anglo-Dutch oil giant Shell today sought to draw a line under its reserves scandal by announcing plans to spend $15bn (£8.4bn) a year to replenish reserves and develop production in its oil and gas business.

The world’s third-largest oil company also said it would sell $10-$12bn of non-core businesses over three years and would look at “focused acquisitions” to create value.

“We are focused on improving our competitive position, strong cash generation and total shareholder returns,” Jeroen van der Veer, the Shell chairman, said in the group’s strategy statement. “Replacing our reserves is a priority to support future growth.” read more

Ex-Shell Chairman Challenges Watchdog over Oil Reserves Scandal

The Scotsman: Ex-Shell Chairman Challenges Watchdog over Oil Reserves Scandal

“The FSA found Shell guilty of market abuse and the Anglo-Dutch company last month agreed to pay £17 million to the FSA. (ShellNews.net)

By Phil Waller, City Staff, PA News

Posted 17 Sept 04

The former chairman of oil group Royal Dutch/Shell today challenged the City watchdog over its findings on the company’s oil reserves scandal.

In a letter to the Financial Services and Markets Tribunal, Sir Philip Watts sought permission to challenge some of the Financial Services Authority’s (FSA) findings on the reserves overstatement, which has led to Shell downgrading its proven reserves by 23%, or 4.47 billion barrels, since January.

The FSA found Shell guilty of market abuse and the Anglo-Dutch company last month agreed to pay £17 million to the FSA. read more

Vision needed to revitalise Shell

London Evening Standard: Vision needed to revitalise Shell

“It is just six months since possibly the biggest post-Enron scandal erupted at Shell with the stunning admission that a group regarded as one of the most reliable in the world had lied about the health of its business.”

Steve Hawkes,

17 September 2004

SHELL chairman Jeroen van der Veer needs to give the presentation of his life next week, when he steps into the heart of the City to convince sceptics the struggling oil giant is on the way back.

After the worst year in the group’s long, proud history, van der Veer will finally spell out his vision for improving Shell’s reputation, restoring growth and, most importantly, finding more oil.

The setting is suitably ironic. Plaisterers’ Hall, one of the largest livery halls in London, is touted as reflecting the ‘grandeur of a bygone era’. Van der Veer now sorely needs to haul Shell into modern times. Deutsche Bank’s respected oil analyst JJ Traynor says: ‘The seeds of recovery are there … the right presentation could provide the catalyst.’ read more

Former Shell Chairman Appeals Censure

Forbes.com: Former Shell Chairman Appeals Censure

“The Financial Services Authority’s final notice, issued on Aug. 24, said Shell had made false or misleading announcements in relation to its hydrocarbon reserves and reserves replacement ratios between 1998 and 2003, and had made those announcements despite indications and warnings that they were false.”

Associated Press

09.16.2004

The former chairman of Royal Dutch/Shell Group, Sir Philip Watts, petitioned a British regulatory body for permission to challenge some of its findings on Shell’s oil reserves scandal.

In a letter submitted to the Financial Services and Markets Tribunal, Watts defended his actions as head of the company.

“I believe that a full and fair examination of all the facts will demonstrate that I have acted properly and in good faith at all times,” Watts said in the letter. read more

%d bloggers like this: