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How fortunate that Shell has not got itself mired in any murky activity. e.g. paying hundreds of millions to a Nigerian crook, putting profits before safety with induced earthquakes in The Netherlands, terrorising safety staff in Norway, spying globally on its own employees, or engaging in widespread bribery and corruption in Ireland. None of that could possibly happen. Same applies to the oil and gas reserves fraud, which Donny Ching, to his credit, has not forgotten

The following information is taken directly from Shell’s Annual Report for the year ended December 31, 2016

From page 14

An erosion of our business reputation could have a material adverse effect on our brand, our ability to secure new resources and our licence to operate.

Our reputation is an important asset. The Shell General Business Principles (Principles) govern how Shell and its individual companies conduct their affairs, and the Shell Code of Conduct (Code) instructs employees and contract staff on how to behave in line with the Principles. Our challenge is to ensure that all employees and contract staff, more than 100,000 in total, comply with these Principles and this Code. Real or perceived failures of governance or regulatory compliance could harm our reputation. This could impact our licence to operate, damage our brand, reduce consumer demand for our branded products, harm our ability to secure new resources and contracts, and limit our ability to access capital markets. Many other factors, including the materialisation of the risks discussed in several of the other risk factors, could impact our reputation and could have a material adverse effect on our earnings, cash ows and nancial condition.

See “Corporate governance” on page 68.

(Extracts from page 68)


The NYSE listing standards require that listed companies adopt a code of business conduct and ethics for all directors, of cers and employees and promptly disclose any waivers of the code for directors or executive of cers. The Company has adopted the Shell General Business Principles (see below), which satisfy the NYSE requirements. The Company also has internal procedures in place by which any employee can raise in con dence accounting, internal accounting controls and auditing concerns. Additionally, any employee can report concerns to management by telephone or over the internet without jeopardising their position (see below).


The Shell General Business Principles de ne how Shell subsidiaries are expected to conduct their affairs. These principles include, among other things, Shell’s commitment to support fundamental human rights in line with the legitimate role of business and to contribute to sustainable development. They are designed to mitigate the risk of damage to our business reputation and to prevent violations of local and international legislation.


Executive Directors and Senior Financial Of cers of Shell must also comply with a Code of Ethics. This code is speci cally intended to meet the requirements of Section 406 of the Sarbanes-Oxley Act and the listing requirements of the NYSE (see above). It can be found at

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