ARTICLE 3
A Crisis That Shook the Oil Industry
In early 2004 the global oil industry witnessed a scandal that would permanently alter corporate governance at one of its largest companies.
Shell announced that it would re-categorise 4.35 billion barrels of oil and gas reserves previously reported as proved.
The revelation stunned investors and triggered investigations by regulators in both the United States and the United Kingdom.
But the scandal also exposed something deeper than accounting errors.
It exposed a gap between corporate ethics statements and corporate reality.
How Does Shell Justify Its Role in Contributing to Climate Change, Given the Overwhelming Scientific Consensus on the Impacts of Fossil Fuels?
