The New York Times: Shell Discloses a Large Pay Package for Its Former Chairman
By HEATHER TIMMONS
Published: May 29, 2004
LONDON, May 28 – Sir Philip B. Watts, the ousted chairman of the Royal Dutch/Shell Group, was awarded a pay and option package worth more than £5.84 million ($10.7 million) in 2003, according to annual reports filed on Friday in London and Amsterdam.
The reports also showed that the company’s proven annual reserves were overstated by about one-fifth in each of the last six years.
Shell, the third-largest oil and gas company, had been viewed as one of world’s most conservative energy companies. In January, however, the company shocked investors by cutting its estimates for proven oil and gas reserves by 20 percent. Since then, it has hired scores of outside advisers to investigate the discrepancy, and has ousted three top executives. read more
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