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Reuters.co.uk: Shell survives shareholder rebellion

Reuters.co.uk: Shell survives shareholder rebellion

Mon 28 June, 2004 14:32

THE HAGUE/LONDON (Reuters) – Royal Dutch/Shell has survived a shareholder rebellion, but not before investors representing almost 40 percent of its Dutch stock voted against a key resolution in The Hague.

The rebellion was over a resolution asking shareholders to agree that the managing directors and the supervisory board of the firm “be discharged of responsibility in respect of their management for the year 2003.”

Shareholders at a twin Annual General Meeting (AGM) in London on Monday also showed their disapproval of the company’s disastrous year of reserves downgrades and management sackings, with a 10 percent vote against the group’s executive remuneration package.

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