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Walter van de Vijver

Shell unveils $15bn recovery plan

Sep 23rd, 2004
by John Donovan.
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The Guardian: Shell unveils $15bn recovery plan

“The reserves scandal forced Shell’s chairman, Philip Watts, to resign, along with Walter van de Vijver, its oil and gas chief and its chief financial officer, Judy Boynton. The company was fined by the financial services authority in the UK and the securities and exchange commission (SEC) in the US.”

Mark Tran

Posted 23 Sept 2004

The Anglo-Dutch oil giant Shell today sought to draw a line under its reserves scandal by announcing plans to spend $15bn (£8.4bn) a year to replenish reserves and develop production in its oil and gas business.

The world’s third-largest oil company also said it would sell $10-$12bn of non-core businesses over three years and would look at “focused acquisitions” to create value.

“We are focused on improving our competitive position, strong cash generation and total shareholder returns,” Jeroen van der Veer, the Shell chairman, said in the group’s strategy statement. “Replacing our reserves is a priority to support future growth.” read more

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Hand-outs to Sir Philip Watts and Walter van de Vijver a disgrace

Sep 20th, 2004
by John Donovan.
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The Scotsman: Comment: “Walter van de Vijver, head of exploration at Shell, got £2.5m and his boss Sir Philip Watts £1.1m. These hand-outs are a disgrace. They undermine popular capitalism. They throw goodwill down the drain.”: “Little wonder small investors are turning away in droves from the stock market.”

Posted 20 Sept 04

JUST when – if ever – will the boardroom pay bonanza come to an end?

Case after case of huge pay-outs to directors sparks shareholder fury. But the gilded, rotten caravan rolls on.

Now come two fresh cases that will stir controversy. Yesterday it emerged that Abbey National chief executive Luqman Arnold is set to make £5.1 million through Banco Santander’s likely £8.8 billion offer.

He stands to get up to £3.5m from share options. And he is also due to receive a £1.6m termination payment when he quits next June. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.

Daily Mail: Shell launches charm offensive

Sep 20th, 2004
by John Donovan.
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Daily Mail: Shell launches charm offensive

“Shell shares at 417 1/2p have recouped their losses on the reserve shock. That should help in fighting US legal claims, but it is largely due to the soaring price of crude.”

20 September 2004,

SHELL will this week beat the drum about slimming down its sprawling global empire. Chief executive Jeroen van der Veer can point to up to £5.6bn of likely proceeds from a growing list of disposals.

But his major City presentation on Wednesday needs to convince investors that the sales cash will not be soaked up in cost overruns on major projects.

The best news of all would be some sizable new discoveries. Shell has been drilling actively in the Gulf of Mexico, Nigeria, Morocco and Malaysia. It is also seeking to line up a big gas deal in Libya. Its £1.1bn share buyback programme is likely to be stepped up. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.

Ex-Shell Chairman Challenges Watchdog over Oil Reserves Scandal

Sep 17th, 2004
by John Donovan.
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The Scotsman: Ex-Shell Chairman Challenges Watchdog over Oil Reserves Scandal

“The FSA found Shell guilty of market abuse and the Anglo-Dutch company last month agreed to pay £17 million to the FSA. (ShellNews.net)

By Phil Waller, City Staff, PA News

Posted 17 Sept 04

The former chairman of oil group Royal Dutch/Shell today challenged the City watchdog over its findings on the company’s oil reserves scandal.

In a letter to the Financial Services and Markets Tribunal, Sir Philip Watts sought permission to challenge some of the Financial Services Authority’s (FSA) findings on the reserves overstatement, which has led to Shell downgrading its proven reserves by 23%, or 4.47 billion barrels, since January.

The FSA found Shell guilty of market abuse and the Anglo-Dutch company last month agreed to pay £17 million to the FSA. read more

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Shell’s Ousted Ex-Boss Breaks Cover, Slams FSA

Sep 17th, 2004
by John Donovan.
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THE WALL STREET JOURNAL: Shell’s Ousted Ex-Boss Breaks Cover, Slams FSA

“Both of Shell ‘s parent companies – Royal Dutch Petroleum Co., of The Hague, and London-based Shell Transport & Trading Co. – as well as Watts, Van de Vijver and other individuals face purported class action law suits in the U.S. from aggrieved shareholders. Watts and other involved individuals still also face probes from the SEC and the U.S. Justice Department.” (ShellNews.net)

By MARK LONG

September 17, 2004

Of DOW JONES NEWSWIRES

LONDON — Philip Watts, the ousted former chairman of Royal Dutch/Shell Group (RD, SC), broke cover Thursday, accusing the U.K.’s financial regulator of violating his rights and running a flawed investigation into Shell ‘s downgrade of its oil reserves.

“I believe that a full and fair examination of all the facts will demonstrate that I have acted properly and in good faith at all times,” Watts said in a cover letter to a filing requesting that the U.K.’s financial regulator’s appeals board give him a chance to clear his name. read more

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Vision needed to revitalise Shell

Sep 17th, 2004
by John Donovan.
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London Evening Standard: Vision needed to revitalise Shell

“It is just six months since possibly the biggest post-Enron scandal erupted at Shell with the stunning admission that a group regarded as one of the most reliable in the world had lied about the health of its business.”

Steve Hawkes,

17 September 2004

SHELL chairman Jeroen van der Veer needs to give the presentation of his life next week, when he steps into the heart of the City to convince sceptics the struggling oil giant is on the way back.

After the worst year in the group’s long, proud history, van der Veer will finally spell out his vision for improving Shell’s reputation, restoring growth and, most importantly, finding more oil.

The setting is suitably ironic. Plaisterers’ Hall, one of the largest livery halls in London, is touted as reflecting the ‘grandeur of a bygone era’. Van der Veer now sorely needs to haul Shell into modern times. Deutsche Bank’s respected oil analyst JJ Traynor says: ‘The seeds of recovery are there … the right presentation could provide the catalyst.’ read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.

Former Shell Chairman Appeals Censure

Sep 16th, 2004
by John Donovan.
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Forbes.com: Former Shell Chairman Appeals Censure

“The Financial Services Authority’s final notice, issued on Aug. 24, said Shell had made false or misleading announcements in relation to its hydrocarbon reserves and reserves replacement ratios between 1998 and 2003, and had made those announcements despite indications and warnings that they were false.”

Associated Press

09.16.2004

The former chairman of Royal Dutch/Shell Group, Sir Philip Watts, petitioned a British regulatory body for permission to challenge some of its findings on Shell’s oil reserves scandal.

In a letter submitted to the Financial Services and Markets Tribunal, Watts defended his actions as head of the company.

“I believe that a full and fair examination of all the facts will demonstrate that I have acted properly and in good faith at all times,” Watts said in the letter. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.

The Guardian: Shell’s pounds 17m will be used to reduce fees levied by regulator

Sep 14th, 2004
by John Donovan.
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The Guardian: Shell’s pounds 17m will be used to reduce fees levied by regulator

“The reduction is almost entirely due to the penalty paid by Shell for “unprecedented misconduct” in misleading the markets over the reporting of its oil and gas reserves.”

JILL TREANOR

Sep 14, 2004

All companies regulated by the Financial Services Authority can expect a cut in their regulatory fees next year following the record pounds 17m fine levied on oil company Shell.

For the first time since it was formed, the City regulator plans to reduce by just under 10% the charge it levies on firms and individuals it regulates.

The reduction is almost entirely due to the penalty paid by Shell for “unprecedented misconduct” in misleading the markets over the reporting of its oil and gas reserves. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.

FSA chief hits right note on investor responsibility

Sep 11th, 2004
by John Donovan.
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The Scotsman: FSA chief hits right note on investor responsibility

“In the wake of a splurge of recent fines, particularly the record £17 million penalty on Shell for the oil giant’s reserves shortfall and cover-up, there have been those who have argued that it is the culpable directors who should bear the penalty, not the companies and investors.”

SCRUTINEER

MARTIN FLANAGAN

CITY EDITOR

Posted 11 Sep 2004

THE comments of the head of Britain’s financial regulator about who should suffer from financial penalties for corporate wrong-doing – companies and shareholders or the errant directors themselves – is timely.

In the wake of a splurge of recent fines, particularly the record £17 million penalty on Shell for the oil giant’s reserves shortfall and cover-up, there have been those who have argued that it is the culpable directors who should bear the penalty, not the companies and investors. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.

Shell Reserves Scandal: Retired Shell engineer played central role

Aug 30th, 2004
by John Donovan.
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FROM OUR AUGUST 2004 SHELL NEWS ARCHIVE

Financial Times: Retired Shell engineer played central role

“the company had been engaged in accounting manoeuvres since 1997-98, including a flawed internal audit function”;  “Shell had engaged as [group reserves auditor] a retired Shell petroleum engineer – who worked only part time and was provided with limited resources and no staff – to audit its vast worldwide operations.”

By Adrian Michaels in New York and Carola Hoyos and Andrew Parker in London

Posted 30 August 2004

US and UK regulators on Tuesday went several steps further than Royal Dutch/Shell in their dissection of what went wrong.

The Anglo-Dutch oil group had already presented the main findings of an internal investigation in April into its reserves debacle.

That report heavily criticised dismissed senior executives – Walter van de Vijver, the former head of exploration, and Sir Philip Watts, former chairman. But it had less to say on how the company had been engaged in accounting manoeuvres since 1997-98, including a flawed internal audit function. The US’s Securities and Exchange Commission and the UK’s Financial Services Authority delve into the origin of the problems. “ read more

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Shell boss pours oil on troubled water

Aug 30th, 2004
by John Donovan.
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The Times: Shell boss pours oil on troubled water

“the scathing reports, in which the FSA accused Shell of announcing false oil-reserve figures since as far back as 1998 again drove investors to rage that not enough was being done to restore credibility.”

August 29, 2004

Posted 30 August 04

In an exclusive interview, Jeroen van der Veer spells out his plans to appease investors and analysts to Lucinda Kemeny

AFTER 33 years at Royal Dutch/Shell, Jeroen van der Veer, chairman of the oil giant’s committee of managing directors, probably would not have chosen to mark his ascension to the top by signing off £82m in fines to two of the biggest financial regulators.

Last week’s settlement with Britain’s Financial Services Authority and America’s Security and Exchange Commission over charges that Shell misled the market about the true position of its oil reserves may have at least closed one chapter in the crisis that has enveloped the company. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.

The Scotsman: Concerns over potential £3m windfall

Aug 29th, 2004
by John Donovan.
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The Scotsman: Concerns over potential £3m windfall

“Ensuing investigations by the US Securities and Exchanges Commission and the UK Financial Services Authority revealed that the oil major had been over-inflating its reserves since 1998, implicating the company’s top management in the scandal.”

CATRINA STEWART

Posted 29 August 2004

A CORPORATE governance watchdog has flagged concerns over share option rewards for disgraced Royal Dutch/Shell executives Sir Philip Watts and Walter van de Vijver.

Sir Philip and Van de Vijver, who resigned this year along with chief financial officer Judy Boynton over the reserves scandal at Shell, could reap windfalls of over £3 million apiece if the dual-listed company’s share price achieves certain levels, said the Pensions Investment Research Consultancy (Pirc) this week. read more

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Daily Express: FAT CATS REWARD: SIR PHILIP Watts

Aug 29th, 2004
by John Donovan.
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Daily Express: FAT CATS REWARD: SIR PHILIP Watts

His deputy, Dutchman Walter van der Vijver, repeatedly warned him of the overstatement and finally exploded in an angry e-mail last November that he was “sick and tired of lying about the extent of our reserves”.

Published 28 August 2004

Company: Shell

Payoff: £1m

Anglo-Dutch oil giant Shell shocked stock markets in January by admitting that it had overstated its proven gas and oil reserves by more than 20 per cent, the equivalent of a mind-boggling 4.47 billion barrels. Shell, long considered a safe haven by private investors and pension funds, saw £3bn wiped off its share value in the subsequent furore. Almost everybody with a pension will have been hit by the fallout.

Chairman Watts initially claimed he first heard about the shortfall at the end of 2003 but it was later reported that he was warned about the dangers in February 2002. His deputy, Dutchman Walter van der Vijver, repeatedly warned him of the overstatement and finally exploded in an angry e-mail last November that he was “sick and tired of lying about the extent of our reserves”. read more

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Sunday Telegraph: Shell in Hell

Aug 29th, 2004
by John Donovan.
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Sunday Telegraph: Shell in Hell

29 August 2004

The oil giant has been heavily fined for overstating its reserves, but now looms the prospect of law suits against the individuals involved. Sylvia Pfeifer reports

The great and the good of the North Sea oil industry descended on the town of Stavanger in Norway last week for one of the sector’s annual get-togethers. But among the chief executives, politicians and royalty attending – Norway’s King Harald V opened the conference – there was only one man everyone wanted to see: Jeroen van der Veer. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.

Daily Mail: Alarm at former Shell chiefs’ options

Aug 28th, 2004
by John Donovan.
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Daily Mail: Alarm at former Shell chiefs’ options

“Pirc says Watts could make £3.1m if the shares reach 552p”: “Regulators are still investigating those believed to have had a role in the company’s reserves scandal.”

27 August 2004

Posted 28 August 04

OVERNANCE watchdog Pirc has given Shell investors something else to worry about after warning that ousted bosses Sir Philip Watts and Walter van de Vijver could collect hefty option gains on top of their massive pay-offs.

Pirc says Watts could make £3.1m if the shares reach 552p – below their 637p peak in 2001. Any option gains for Watts would be on top of his £1.05m pay-off and £584,000 pension. Shell shares rose 3 1/4p to 399 3/4p.

Van de Vijver needs a 70% share rise to put all his options in the money. Pirc says they would then be worth £3.6m, on top of his £2.57m pay-off and £260,000 pension. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.

The landslide bringing down Shell grandees

Aug 28th, 2004
by John Donovan.
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FROM OUR AUGUST 2004 SHELL NEWS ARCHIVE

The Daily Telegraph: The landslide bringing down Shell grandees

The SEC and FSA reports, however, go back to the previous regime, when Sir Mark Moody-Stuart was chairman.”: Even Shell fell for the “group bonding” mumbo-jumbo, and he was videoed stumbling blindfold around head office during one such session, talking of his desire to “encourage the creativity of people” around him. He seems to have succeeded.”

(Filed: 28/08/2004)

The Securities & Exchange Commission has announced its intention to pin the reserves scandal on individuals, writes James Moore

The Shell Show, a tragicomedy in an unlimited number of parts, featured a powerful double act this week.

On Tuesday America’s Securities and Exchange Commission and the Financial Services Authority both gave the company a good kicking for wrongly booking billions of barrels of oil and gas reserves as “proven”.

Now Harold Degenhardt, the director of the Securities & Exchange Commission’s office in Fort Worth, Texas, is hard at work on the sequel. “What people need to focus on is that companies only act through people,” he says. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.
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