Corporate Governance NETwork!: Shell Governance Questioned
Posted 16 June 2004
Sir Philip B. Watts, former chairman of Royal Dutch/Shell, was awarded a pay and option package worth more than $10.7 million in 2003, reports the New York Times. Proven annual reserves were overstated by about one-fifth in each of the last six years.
The picture that has emerged is one of “an institution with lax controls and struggling to keep promises made to markets and investors, particularly in its exploration and production department.” (Shell Discloses a Large Pay Package for Its Former Chairman, 5/29/04)
Alfred Donovan goes much further, accusing Shell of hiring undercover operatives to deliberately intimidate shareholders. See Shell2004.com.
http://www.corpgov.net/news/news.html
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