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SKY NEWS: INVESTORS ARE DISGUSTED

SKY NEWS: INVESTORS ARE DISGUSTED

28 June 04

Shell shareholders have shown their disapproval at the company’s disastrous year of reserves downgrades and management sackings.

At the firm’s annual meeting in London, 10% voted against the group’s executive remuneration package.

Shell made four reserves downgrades since January, and the crisis sparked the departure of three top directors – including chairman Sir Philip Watts.

The firm made a £1m severance payment to Sir Philip, who was ousted after the board said it had lost confidence in him.

The Anglo-Dutch oil giant also survived a shareholder rebellion at the firm’s twin AGM in the Netherlands.

Investors representing almost 40% of its Dutch stock voted against a key resolution in The Hague.

The resolution had asked them to agree that Shell’s managing directors and supervisory board be discharged of responsibility.

This was in respect of their management of the company last year.

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