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Royal Dutch Shell News Friday, 18 March 2005

Royal Dutch Shell News Friday, 18 March 2005

THE NEW YORK TIMES: Judge Fines Motiva $10M in Tank Explosion: “Motiva, a joint supply venture between Shell and Saudi Refining…”: “…pleaded no contest to state charges of criminally negligent homicide…”: “The company… has paid more than $60 million to settle lawsuits”: “It is still the subject of a federal lawsuit…” (ShellNews.net) Posted 18 March 05

expatica.com: Shell stock options for executives: “Shell… had an “annus horribilis” in 2004 as it was forced to downgrade its estimate of oil reserves on several occasions. The scandal cost chairman Sir Philip Watts and other executives their jobs.” (ShellNews.net) Posted 18 March 05

FINANCIAL TIMES: Shell to pay in restricted shares: “Royal Dutch/Shell has announced details of new executive pay plans designed to motivate senior management after a year of turmoil in which it cut its proved oil and gas reserves by almost a third and parted company with its three top executives.” (ShellNews.net) 18 March 05

The Guardian (UK): Shell to drop options for directors : “Shell failed to give any details of a possible rise in basic pay for the new chief executive Jeroen van der Veer, who was appointed after last year’s reserving scandal.” (ShellNews.net) 18 March 05

THE LONDON TIMES: Chiefs at Shell must eclipse rivals to win shares: “After a year of turmoil in which three directors lost their jobs over the misreporting of reserves, Shell is keen to link reward to performance. Sir Philip Watts, the former chairman and managing director, received £1 million in severance pay after his dismissal over the reserves scandal.” (ShellNews.net) 18 March 05

DAILY TELEGRAPH (UK): Shell bosses face shares shake-up (ShellNews.net) 18 March 05

FINANCIAL TIMES: Deal signed to expose bribery: Sir Mark Moody-Stuart, chairman of the mining company Anglo-American… criticised the International Monetary Fund and the World Bank for not taking more of a direct role in auditing revenues.” (ShellNews.net) Posted 18 March 05 (PLUS RELATED COMMENTARY BY THE PUBLISHER OF THIS WEBSITE: “Sir Mark Moody-Stuart once again displays breathtaking hypocrisy on the subject of bribery…”)

CBS MarketWatch: Shell refining unit to pay $10 million: “The fine stems from an incident on July 17, 2001 when 415,000-gallon tank exploded, spewing spent sulfuric acid, which contains flammable hydrocarbons, into the air. One worker was killed and many others were injured. The waste spilled into the Delaware River and killed thousands of fish and crabs.”: “The Justice Department noted that the $10 million criminal environmental fine is the largest in Delaware history.” (ShellNews.net) 18 March 05

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