Article below by a contributor, posted 9 Jan 2025
Shell US have divested their Defined Benefit Pension (DB) Scheme to Prudential.
Shell UK have ceased paying the discretionary element of the Shell Contributory Pension Fund (SCPF) DB pension.
BP have ceased paying the discretionary element of their DB pension.
Both Funds are in surplus.
The Board of BP have closed ranks on why the discretionary element has ceased.
Dame Amanda Blanc, Chief Executive Officer (CEO) of Aviva, is a Non Executive Director (NED) on BP’s Board.
Divesting the DB schemes of both companies not only relieves them of responsibility, liability, and accountability, but also will simplify mergers and acquisitions.
Andrew Gould (An Accountant) was Chairman of BG Group when it was acquired by Shell.
Helge Lund was CEO of BG Group when it was acquired by Shell.
Helge Lund is now Chairman of BP
Murray Auchinloss (An Accountant) is now CEO of BP.
Andrew MacKenzie (A Miner) is Chairman of Shell
Wael Sawan (An Engineer) is CEO of Shell
Martina Hund-Majean a previous NED Shell was Non-executive Director of Prudential Financial Inc. No doubt Martina was able to pass on the learnings to the Board of Shell from the sale of the Shell US DB Scheme to Prudential.
Charles Roxburgh a NED Shell is Non-executive Chair of Legal and General America (a US subsidiary of Legal and General Group plc focusing on life insurance and retirement operations).
Additional Voluntary Contributions (AVCs) to the Shell UK DB Scheme are held by Legal and General UK
Perhaps, when (soon?) either the Chairman or CEO of Shell is an accountant, and the DB schemes of both companies have been divested (BP’s to Aviva and Shell’s to Legal and General), there will be an alignment for a merger between BP and Shell, and Shell will then retreat to continental US and list on the New York Stock Exchange where the other majors are listed?
Bernard Looney was jettisoned as BP CEO supposedly because he had favoured some of his female colleagues with whom he had had antics in the bedroom. This had been known for a long time, so why did they discard him now in favour of an accountant, Murray Auchinloss?
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