BBC News: Ex-Shell chief gets £1m pay-off
25 June 04
Former Shell chairman Sir Philip Watts who stood down after the firm’s oil reserves estimates were dramatically cut has received a £1m ($1.8m) pay-off. Shareholders were highly critical of Sir Philip who headed exploration and production at the time when most of the reserves in question were booked.
Sir Philip was not awarded a performance-related annual bonus for 2003 or 2004, Shell said.
The sum was based on his wage until his June 2005 retirement date.
‘Loss of confidence’
He will also receive a pension of £584,070 per year under the firm’s pension scheme, which he made payments into over the past 35 years.
Shell said in March that Sir Philip had resigned after the board called for “a change of leadership due to a loss of confidence”.
He had originally refused to step down after the firm cut its reserves estimates by 20% sending shares floundering, saying he would focus on fixing problems Shell faced.
He was one of three top executives to resign following the crisis.
He was replaced by Jeroen van der Veer, boss of the company’s Dutch arm.
http://news.bbc.co.uk/2/hi/business/3839679.stm
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