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Reuters: Shell boss drops out of Davos economic forum

Thu 22 January, 2004 10:29

DAVOS, Switzerland (Reuters) – Royal Dutch/Shell boss Phil Watts, facing shareholder wrath after the company’s downgrade of its oil and gas reserves, has cancelled an appearance at the World Economic Forum.

“He’s not coming,” said a Shell spokesman in the Swiss ski resort of Davos on Thursday. “You will understand that the schedules of chief executives are very busy and constantly changing.”

Watts, chairman of Shell’s Committee of Managing Directors, had been due to take part in a discussion on Thursday on “how business boosts development” at the annual gathering of political and business leaders.

BP BP.L Chief Executive John Browne, Watts’ counterpart at Shell’s main European rival, dropped out of the event before it began. Both companies are due to report 2004 results early next month.

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