May 21, 2009
Miles Costello and Robin Pagnamenta
News and information on Royal Dutch Shell Plc
Miles Costello and Robin Pagnamenta
Leading investor groups are calling for company directors in charge of pay policy to stand for re-election every year, as the City steps up its campaign to improve boardroom practice on remuneration.
The Co-operative Asset Management, an ethically minded investment group, said that chairmen of remuneration committees in all listed companies should put their jobs to an annual shareholder vote.
Abigail Herron, corporate governance analyst with the Co-op, said: It would enable shareholders to hold the chairmen of remuneration committees to account, rather than have to wait three years until they come up for re-election.
It is understood that the Association of British Insurers (ABI), whose members control more than 15 per cent of the stock market, is considering making a similar call as part of its efforts to make companies more transparent and accountable on pay. The ABI is likely to recommend the annual re-election of committee chiefs as a gold standard for listed companies.
Ms Herron said that the Co-ops new policy grew out of its frustration over pay practices at Royal Dutch Shell, the oil group, whose remuneration report was defeated by investors at its annual meeting on Tuesday.
The Co-op, alongside Standard Life Investments, spoke out against Shells discretionary remuneration policy before the vote. The two managers condemned share awards made to company directors even though Shell missed a key performance target.
There are only so many times you can vote against a remuneration report and see no action taken, Ms Herron said.
The Co-op is to write to all companies in which it invests, outlining its revised approach. Its top ten shareholdings include GlaxoSmithKline, the drug group, HSBC, the bank, and Rio Tinto, the miner.
At Shells meeting, Jorma Ollila, its chairman, promised to consult shareholders on ways to improve practice.
Shell said that it had already agreed to some changes in its pay arrangements before the defeat on Tuesday but would consider wider reforms.
Posted in: Royal Dutch Shell Plc, Shell, Shell AGM, The Times.
Tagged: Jorma Ollila · Shell
EBOOK TITLE: “SIR HENRI DETERDING AND THE NAZI HISTORY OF ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON
EBOOK TITLE: “JOHN DONOVAN, SHELL’S NIGHTMARE: MY EPIC FEUD WITH THE UNSCRUPULOUS OIL GIANT ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON.
EBOOK TITLE: “TOXIC FACTS ABOUT SHELL REMOVED FROM WIKIPEDIA: HOW SHELL BECAME THE MOST HATED BRAND IN THE WORLD” – AVAILABLE ON AMAZON.
Bonus Group: It is not clear why the once upon a time VP Developments, Brazil is now VP Subsurface Excellence, given that the Brazil Asset under her stewardship spent at least five years down a giant rabbit hole using a corrupt workflow that resulted in a significant overbooking of reserves.
Bonus Group: On this day in 2016 the fate of BG Group, an Internet Cafe and Cappuccino Lifestyle company was sealed. See: https://www.shell.com/about-us/what-we-do/combining-shell-and-bg-a-simpler-and-more-profitable-company.html https://www.theguardian.com/business/2016/jan/28/35bn-shell-takeover-approved-bg-shareholders
Bonus Group: John,
Re:Links between Samuel Iskander and corruption
Dave Freeman currently Chief Operating Officer at privately owned Tailwind Energy and previously Upstream Technical Director (COO Office) at BG Group should be able to answer your question.
REPLY BY JOHN:
Many thanks, I will pass that information on to the investigative contact.
John Donovan: POSTED ON BEHALF OF AN INVESTIGATIVE CONTACT:
Newly former Shell executive Sami Iskander has been appointed CEO to London-traded energy company Petrofac, which is facing corruption allegations in Italy and from the U.K.'s SFO. The question is whether Iskander, who was one of only four executives from British Gas retained by Shell when the two merged in 2015, brings any baggage with him?
In general, what kind of a reputation does this man have in the London energy business community?
Bonus Group: Further to Bogus Group's post below, see: https://amp.theguardian.com/politics/2021/feb/02/sir-simon-robey-the-accidental-banker-adding-george-osborne-to-the-fold
Bogus Group: https://www.dailymail.co.uk/news/article-9211393/George-Osborne-lands-new-job-quits-roles-Evening-Standard-BlackRock.html The revolving door is still in motion. Links to Robey Warshaw, BG Group advisor on Shell deal, links to the “Notting Hill Set”, links to politicians, links to the authoress of “The Gatekeeper”, links to Brunswick, Shell/BG Group PR company, links to BlackRock….and others.
Bonus Group: https://www.aljazeera.com/amp/news/2021/1/29/dutch-court-orders-shell-to-pay-nigerian-farmers-over-oil-spills
Bonus Group: The long overdue structural reorganisation at Shell is rapidly approaching. No better place to start than within the Brazil Asset which has been propped-up for over ten years now by the same BG Group sycophants who have a proven track record of overbooking reserves on the basis of flawed functionall approved technical workflows. These individuals are still clinging desperately to their positions five years after the takeover of BG Group by Shell. Can it be that Shell cannot afford to move them on lest their poor work and lies be revealed? Get rid of them, truth and transparency are now required if not demanded in the Brasil Asset!
Bogus Group: More BG Group (Shell) executive 'turmoil'. Just love the "stepping down with immediate effect for personal reasons" euphemism.
Bogus Group: 330 job cuts in Aberdeen, with the new rhetoric by a Shell 'spokesperson', "this intends to ensure we are set up to thrive throughout the energy transition and be a simpler organisation". https://www.upstreamonline.com/exploration/330-job-cuts-oil-giant-shell-lays-out-losses-to-uk-team/2-1-942991
PRELUDE WHITE ELEPHANT: Shell has not revealed the cost of Prelude but analysts estimate the price tag has ballooned to as much as A$17bn ($13bn). The Anglo-Dutch company reported $9bn in impairment charges on its Australian gas assets in the second and third quarters of 2020. https://www.ft.com/content/6ba54787-6d21-48d2-93b2-273cdcf48455
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