August, 2004:

Shell Plans Team Performance Bonus Scheme From January

Aug 30th, 2004
by John Donovan.
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THE WALL STREET JOURNAL: Shell Plans Team Performance Bonus Scheme From January: “intended to help rebuild the company’s credibility.”

DOW JONES NEWSWIRES

Posted 30 August 04

LONDON — Royal Dutch/Shell (RD) confirmed Sunday plans to launch from January 2005 a company wide bonus scheme that places focus on team performance.

Shell confirmed a report that appeared in the Sunday Times.

“Multiple score cards will be replaced by single group score cards focusing on the execution of strategy, delivery of operational objectives and Enterprise First. Enterprise First addresses the importance of group needs over the needs of individuals or operating units,” said Shell spokeswoman Lisa Givert. “This is still subject to discussion but we will have new scorecards in place for the calendar year 2005 bonus schemes.” read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All created and supported by internet wizz, Nick Gill.

Royal Dutch/Shell to revise staff bonus scheme

Aug 30th, 2004
by John Donovan.
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Financial Times: Royal Dutch/Shell to revise staff bonus scheme: “The scandal prompted the resignation of three senior executives, investigations by US, UK and Dutch regulators, a criminal probe by the US Department of Justice and investor lawsuits.”

By Jonathan Moules

Published: August 30 2004

Royal Dutch/Shell, the oil company, is planning to revise its company-wide bonus scheme to create incentives for staff to look beyond their specific section of the business and focus on improving the entire company.

At the moment, staff at the Anglo-Dutch company are rewarded for both their individual performance and the success of their division.

However, under changes that are due to come into effect this January, the divisional element will be dropped and a bonus will be added based on the entire company’s performance. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All created and supported by internet wizz, Nick Gill.

£17m Shell shock was just an early broadside in FSA war on abuse

Aug 30th, 2004
by John Donovan.
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The Guardian: £17m Shell shock was just an early broadside in FSA war on abuse

“Shell’s action was made more serious because false or misleading announcements on reserves were made from 1998 to 2003. Even though Shell had indications and warnings from 2000 to 2003 that figures for proved reserves were incorrect, its actions continued.”

Hector Sants

Monday August 30, 2004

A succession of recent investigations and financial penalties levied by the Financial Services Authority has put the term “market abuse” on the lips of many commentators and, if the reaction to the £17m fine imposed on Shell this week is any indication, on the minds of company directors.

One could be forgiven for believing market abuse was rife in the City. Is this an overreaction? After all, the UK financial markets are world leaders. Surely this wouldn’t be the case if market abuse was rife? Thankfully, market abuse is not widespread, partly because most practitioners are decent people but also because the FSA takes a tough stance with those who do play fast and loose with the rules, no matter how big or small. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All created and supported by internet wizz, Nick Gill.

Shell boss pours oil on troubled water

Aug 30th, 2004
by John Donovan.
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The Times: Shell boss pours oil on troubled water

“the scathing reports, in which the FSA accused Shell of announcing false oil-reserve figures since as far back as 1998 again drove investors to rage that not enough was being done to restore credibility.”

August 29, 2004

Posted 30 August 04

In an exclusive interview, Jeroen van der Veer spells out his plans to appease investors and analysts to Lucinda Kemeny

AFTER 33 years at Royal Dutch/Shell, Jeroen van der Veer, chairman of the oil giant’s committee of managing directors, probably would not have chosen to mark his ascension to the top by signing off £82m in fines to two of the biggest financial regulators.

Last week’s settlement with Britain’s Financial Services Authority and America’s Security and Exchange Commission over charges that Shell misled the market about the true position of its oil reserves may have at least closed one chapter in the crisis that has enveloped the company. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All created and supported by internet wizz, Nick Gill.

Daily Telegraph: Shell will abolish ‘discovery bonus’

Aug 30th, 2004
by John Donovan.
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Daily Telegraph: Shell will abolish ‘discovery bonus’

“Crisis-hit Shell is scrapping a controversial scheme which links staff pay levels to the amount of oil and gas employees find.”: “latest attempt by Shell to restore its reputation”

By Christopher Hope, Business Correspondent (Filed: 30/08/2004)

Crisis-hit Shell is scrapping a controversial scheme which links staff pay levels to the amount of oil and gas employees find.

Van der Veer: new scheme would encourage staff to think ‘enterprise first’ rather than ‘self first’

The news is the latest attempt by Shell to restore its reputation after its disastrous admission that it had exaggerated its “proven” oil and gas reserves by 23pc earlier this year. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All created and supported by internet wizz, Nick Gill.

Auditors dragged into Shell lawsuit

Aug 30th, 2004
by John Donovan.
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The Scotsman: Auditors dragged into Shell lawsuit

“role of auditors KPMG and PricewaterhouseCoopers in the scandal that wiped £2.9 billion off Shell’s market capitalisation in one day.”

CATRINA STEWART

30 August 04

AUDITORS might find themselves implicated in the reserves scandal surrounding oil major Shell as lawyers leading US class actions against the company prepare to file an amended complaint.

Bernstein Liebhard & Lifshitz, the Wall-Street law firm leading the class action on behalf of individual investors, said that it was looking at the role of auditors KPMG and PricewaterhouseCoopers in the scandal that wiped £2.9 billion off Shell’s market capitalisation in one day. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All created and supported by internet wizz, Nick Gill.

Shell knew of error in reserves in 1998

Aug 30th, 2004
by John Donovan.
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The Scotsman: Shell knew of error in reserves in 1998

“AUDITORS at Royal Dutch/Shell, the British-Dutch energy group, warned the company as early as 1998 that its reserves figures may have been overstated…”

CATRINA STEWART

Posted 30 August 04

AUDITORS at Royal Dutch/Shell, the British-Dutch energy group, warned the company as early as 1998 that its reserves figures may have been overstated, six years before executives admitted mistakes in public and two years earlier than previously reported by its own investigation into the reporting scandal.

Yesterday, US and UK regulators revealed that the oil giant has agreed to pay more than US$150 million (£83.7m) in penalties for providing “false and misleading” information, which led to a downwards revision of its proven reserves by 4.47 billion barrels. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All created and supported by internet wizz, Nick Gill.

LNG promise seen to ward off oil price woes

Aug 29th, 2004
by John Donovan.
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Times of India: LNG promise seen to ward off oil price woes

“Scenario planners at Royal Dutch/Shell think that gas may surpass oil as the world’s most important energy source by 2025.”

AUGUST 27, 2004

Posted 28 August 04

Even as headlines scream about $50 a barrel oil, energy firms and their investors are becoming increasingly excited about its likeliest replacement: not wind nor wave nor solar power, but gasor, to be precise, gas that is frozen and transported as liquefied natural gas (LNG). This is expected to become as ubiquitous and crucial to the global economy as petroleum is today. Scenario planners at Royal Dutch/Shell think that gas may surpass oil as the world’s most important energy source by 2025. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All created and supported by internet wizz, Nick Gill.

Sinopec, Shell Set Up Venture to Tap Retail Business in China

Aug 29th, 2004
by John Donovan.
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Bloomberg: Sinopec, Shell Set Up Venture to Tap Retail Business in China

Posted 29 August 04

Aug. 28 (Bloomberg) — China Petroleum & Chemical Corp., Asia’s largest oil refiner, said it formed a venture with Royal Dutch/Shell Group, Europe’s second-largest oil company, to operate 500 gasoline stations in China’s Jiangsu province and develop new outlets.

The venture, with total investment of 1.5 billion ($187 million), is 60 percent owned by China Petroleum, or known as Sinopec, the company said in a press statement. Shell’s two wholly owned units in China own the remaining 40 percent, it said. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All created and supported by internet wizz, Nick Gill.

Oil finds fuel shareholders’ bid against Shell

Aug 29th, 2004
by John Donovan.
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Stuff.co.nz: Oil finds fuel shareholders’ bid against Shell

“to press their long-running $23 million insider trading case against Shell.”: “The High Court has already ruled the small shareholders had a case to take against Shell. That decision was upheld by the Appeal Court.”

29 August 2004

By GARRY SHEERAN

Spiralling oil share prices are spurring on shareholders in the former oil explorer Southern Petroleum to press their long-running $23 million insider trading case against Shell.

Shareholder spokesperson Tony Gavigan said he was confident they now had information to prove price-sensitive information was withheld from them during Fletcher Energy’s takeover of Southern Petroleum in 1995.

He said the new information emerged during a search of relevant documents as part of the legal “discovery” process in recent months. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All created and supported by internet wizz, Nick Gill.

The Scotsman: Concerns over potential £3m windfall

Aug 29th, 2004
by John Donovan.
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The Scotsman: Concerns over potential £3m windfall

“Ensuing investigations by the US Securities and Exchanges Commission and the UK Financial Services Authority revealed that the oil major had been over-inflating its reserves since 1998, implicating the company’s top management in the scandal.”

CATRINA STEWART

Posted 29 August 2004

A CORPORATE governance watchdog has flagged concerns over share option rewards for disgraced Royal Dutch/Shell executives Sir Philip Watts and Walter van de Vijver.

Sir Philip and Van de Vijver, who resigned this year along with chief financial officer Judy Boynton over the reserves scandal at Shell, could reap windfalls of over £3 million apiece if the dual-listed company’s share price achieves certain levels, said the Pensions Investment Research Consultancy (Pirc) this week. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All created and supported by internet wizz, Nick Gill.

Shell plans bonus to rally workforce

Aug 29th, 2004
by John Donovan.
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Sunday Times: Shell plans bonus to rally workforce

“some staff in the exploration and production division had oil-reserves replacement as one of the targets that determined their pay.”

Lucinda Kemeny

August 29, 2004

ROYAL DUTCH/SHELL, the embattled oil giant, intends to launch a new, company-wide bonus scheme from January as an incentive for staff to work together to rebuild the company’s credibility.

The plans are still subject to staff negotiation in some countries, but about 90,000 people are expected to be covered by the arrangements.

Jeroen van der Veer, chairman of the committee of managing directors, said he hoped it would encourage staff to think “enterprise first” rather than “self first”. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All created and supported by internet wizz, Nick Gill.

Daily Express: FAT CATS REWARD: SIR PHILIP Watts

Aug 29th, 2004
by John Donovan.
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Daily Express: FAT CATS REWARD: SIR PHILIP Watts

His deputy, Dutchman Walter van der Vijver, repeatedly warned him of the overstatement and finally exploded in an angry e-mail last November that he was “sick and tired of lying about the extent of our reserves”.

Published 28 August 2004

Company: Shell

Payoff: £1m

Anglo-Dutch oil giant Shell shocked stock markets in January by admitting that it had overstated its proven gas and oil reserves by more than 20 per cent, the equivalent of a mind-boggling 4.47 billion barrels. Shell, long considered a safe haven by private investors and pension funds, saw £3bn wiped off its share value in the subsequent furore. Almost everybody with a pension will have been hit by the fallout.

Chairman Watts initially claimed he first heard about the shortfall at the end of 2003 but it was later reported that he was warned about the dangers in February 2002. His deputy, Dutchman Walter van der Vijver, repeatedly warned him of the overstatement and finally exploded in an angry e-mail last November that he was “sick and tired of lying about the extent of our reserves”. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All created and supported by internet wizz, Nick Gill.

THE BUSINESS: Regulators must bring Shell directors to book

Aug 29th, 2004
by John Donovan.
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THE BUSINESS: Regulators must bring Shell directors to book

“a deliberate attempt by Shell, over a number of years, not just a few months, to overstate their oil and gas reserves.”

29/31 August 04

THE reports by Britain’s Financial Services Authority (FSA) and America’s Securities & Exchange Commission (SEC) into Shell’s overstating of reserves are far more damning than expected.

The two regulators conclude that there was intent to mislead on the part of Shell executives, some of whom, like former chief executive Sir Philip Wilts, have walked away with large payoffs.

So no simple arithmetical mistake, then. It was a deliberate attempt by Shell, over a number of years, not just a few months, to overstate their oil and gas reserves. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All created and supported by internet wizz, Nick Gill.

The Observer: We all pay price for murky gas market

Aug 29th, 2004
by John Donovan.
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The Observer: We all pay price for murky gas market

“Shell’s £84 million fine for falsifying its gas and oil reserve statements”

Consumers should not accept higher bills, says energy watchdog Allan Asher, who calls for the EU to intervene

Sunday August 29, 2004

Last week saw one of the least auspicious days in the life of the energy market: Shell’s £84 million fine for falsifying its gas and oil reserve statements, price spikes for wholesale gas breaking the 50 per cent barrier, British Gas announcing the single biggest energy price rise since liberalisation, and Powergen’s £700,000 fine for, wrongly, preventing consumers switching to the company of their choice. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All created and supported by internet wizz, Nick Gill.

Sunday Telegraph: Shell in Hell

Aug 29th, 2004
by John Donovan.
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Sunday Telegraph: Shell in Hell

29 August 2004

The oil giant has been heavily fined for overstating its reserves, but now looms the prospect of law suits against the individuals involved. Sylvia Pfeifer reports

The great and the good of the North Sea oil industry descended on the town of Stavanger in Norway last week for one of the sector’s annual get-togethers. But among the chief executives, politicians and royalty attending – Norway’s King Harald V opened the conference – there was only one man everyone wanted to see: Jeroen van der Veer. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All created and supported by internet wizz, Nick Gill.
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