London Evening Standard: Shell ‘to create single board’
“ONE OF the most outspoken shareholder activists in Shell believes the creation of a single board under chief executive Jeroen van der Veer is now a ‘fait accompli’.”
Steve Hawkes,
17 September 2004
ONE OF the most outspoken shareholder activists in Shell believes the creation of a single board under chief executive Jeroen van der Veer is now a ‘fait accompli’.
Eric Knight, managing director of Knight Vinke Asset Management, is convinced such a move may be just months away as the Anglo-Dutch group looks to draw a line under its reserves crisis.
He said: ‘We are going to see some changes this year.’
Van der Veer is due to give a crucial strategy presentation in the City next Wednesday and has sought to defer all questions about the review of Shell’s corporate structure until November.
Knight said while this has disappointed shareholders desperate for change, most will be willing to wait if it delivers the shake-up they are pressing for. ‘It’s a very important presentation and it’s important they get it right,’ he said
‘I sense that, since the annual meeting, there has been a change in attitude at Shell. They are much more open about the change that needs to take place.’
Shell has three boards loosely controlled by a committee of managing directors. Investors want a Plc-style board with clear reporting lines into the UK and Dutch arms.
Knight refused comment on yesterday’s decision by ex-chairman Sir Philip Watts to challenge the £17m fine slapped on Shell by the Financial Services Authority.
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