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Shell to give no governance review at Sept strategy update – FT

AFX Europe (Focus): Shell to give no governance review at Sept strategy update – FT

“…at a meeting with about 10 UK institutional investors last week, van der Veer said that all decisions regarding future structural changes would be announced in November.”

Posted Sept 13, 2004

LONDON (AFX) – Anglo-Dutch oil giant Royal Dutch/Shell has decided against providing an update of its ongoing review into structure and governance when it unveils its revamped business strategy later this month, the weekend Financial Times reported, citing investors and shareholders at a meeting last week.

Instead, the oil giant will publish the results of its wide-ranging internal review in November, the newspaper said.

Last month, Jeroen van der Veer, group chairman of the Anglo-Dutch oil group, had signalled that Shell might release some details of the review alongside the unveiling of its latest strategy plan on Sept 22.

But at a meeting with about 10 UK institutional investors last week, van der Veer said that all decisions regarding future structural changes would be announced in November.

One Shell shareholder who was present at the meeting was quoted as saying: “It is right that Shell separates business strategy from talk of future governance arrangements.”

Shell told investors that the group’s new business strategy will be aimed at helping the company concentrate on finding more oil and generating higher margins.

One investor was quoted as saying: “It was heartening to hear that they plan to concentrate on the basics of the business.”

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