Reuters: Shell sees board unification completed on July 20
Thu May 19, 2005 7:38 AM BST
LONDON (Reuters) – Shell said it expected to complete the unification of its Dutch and UK holding companies on July 20, a move designed to improve corporate governance after a reserves downgrade scandal.
The company said trading in shares in the newly unified group was expected to start on July 20.
Previously, the Anglo-Dutch oil group had a Dutch holding company — Royal Dutch — and a UK equivalent (Shell Transport & Trading) but many investors had said this structure was too complex.
Shell’s decision to unify the two holding companies came in the wake of an oil reserves downgrade in 2004 which sent Shell’s stock plummeting and led to the sacking of former Chairman Philip Watts and other leading directors.
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