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Daily Mail: Vanishing reserves

Daily Mail: Vanishing reserves

By Alex Brummer

25 May 2004

CAN anyone be sure of Shell? The blue-chip oil giant has been forced to cut its oil reserve levels for the fourth time this year as it has come under pressure from regulators and auditors to clean up its accounts.

As a result, the company has had to jettison several key executives, including former chairman Sir Phil Watts, has lost its ‘triple A’ topgrade investment rating, and suffered enormous reputational damage.

If it wants to salvage its reputation, it has no time to lose in unifying and streamlining its British and Dutch boards.

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