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Training is the key to avoiding new Shell fiasco

Daily Express: Training is the key to avoiding new fiasco: “SHELL has so far trained more than 2,000 staff to ensure the way they book future oil reserves will meet regulations laid down by the US watchdog, the Securities and Exchange Commission.”

Posted 24 Sept 04

SHELL has so far trained more than 2,000 staff to ensure the way they book future oil reserves will meet regulations laid down by the US watchdog, the Securities and Exchange Commission.

Exploration and production chief Malcolm Brinded said the group also planned to have more than 3,000 employees versed in SEC compliance tactics by the end of this month.

It was a failure to comply 1 with SEC guidelines, partly the result of slack internal and external controls, that led to the shock reserves downgrade earlier this year. The firm has also hired a series of external reserves auditors to ensure the debacle will not happen again.

However, Shell had no news yesterday on the biggest changes of all — in the company’s complex, three-board structure. Shareholders want a single board with clear fines of accountability.

Jeroen van der Veer, executive chairman, said a “unified structure” was one of the options the company was considering, adding: “There are different ways of unification.” The group is expected to reveal its plans in November.

The Financial Services Authority said it was “confident” it had followed the right guidelines in fining Shell £17million for market abuse earlier this year.

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