ThisIsLondon.co.uk: Shell looking to join halves
4 August 2004
ANGLO-Dutch oil giant Shell is likely to unify its complicated dual-board structure as part of its reforms to appease shareholders.
Operating company Royal Dutch/Shell, which is 60% owned by Royal Dutch and 40% owned by Shell, is reported to be planning to merge the boards as a ‘minimum’ concession.
Shell said ‘all options are being considered including a unified board to which a chief executive would report’.
Radical changes could involve the full merger of the two holding companies. The oil firm has been forced to review all aspects of its governance after admitting it overstated oil reserves.
Crude oil prices hit fresh highs yesterday, reaching $44.24 a barrel in New York after the head of Opec said that the cartel had no spare supplies to dampen prices.
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