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FSA chief hits right note on investor responsibility

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

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

The Scotsman: Concerns over potential £3m windfall

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

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Daily Telegraph: Shell takes mauling over ‘market abuse’

Daily Telegraph: Shell takes mauling over ‘market abuse’

“Shell was yesterday savaged by regulators in Britain and America for “unprecedented misconduct”: ‘The FSA said Shell “disseminated false or misleading information as to the true extent of its proved reserves” from 1998 until last July.’

By James Moore (Filed: 25/08/2004)

Shell was yesterday savaged by regulators in Britain and America for “unprecedented misconduct” that led to it mis-stating its proven oil reserves by more than a fifth.

The US Securities & Exchange Commission and the Financial Services Authority spelled out a catalogue of failings at the crisis-stricken oil company and set out their reasons for imposing penalties of $120m (£67m) in the US and a record £17m in the UK.

A further $5m will be spent by the Anglo Dutch company on developing and implementing a comprehensive internal compliance programme as part of its decision to settle an SEC fraud probe announced last month. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Lloyds List: Shell settles with regulators to end reserves scandal

Lloyds List: Shell settles with regulators to end reserves scandal

“findings and conclusions in the FSA’s ‘final notice’ and the SEC’s ‘cease and desist order’.”

Tony Gray

Aug 25, 2004

SHELL has moved closer to consigning one of the oil giant’s darkest chapters to history when it reached final settlements with the US and UK authorities over its mis-statement of proven oil reserves.

The world’s third-largest oil group is paying $120m to the US Securities and Exchange Commission and a record GBP17m ($30.4m) to the UK Financial Services Authority.

These fines come seven months after Shell shocked investors by slashing its proven oil and gas reserves by a fifth, or 4.47bn barrels. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Fresh probe into Shell oil reserves scandal

The Scotsman: Fresh probe into Shell oil reserves scandal

Watchdogs to target ‘those responsible’

JIM STANTON, DEPUTY BUSINESS EDITOR

25 August 04

REGULATORS on both sides of the Atlantic are set to pursue a number of as-yet unnamed individuals that they believe are responsible for the reserves scandal at oil giant Shell.

News of separate investigation came as the embattled company settled fines with British and United States watchdogs over the debacle totalling £84 million.

Wrapping up an initial investigation, British regulator the Financial Services Authority said the Anglo-Dutch group was responsible for “unprecedented misconduct” and was putting out false figures for its proven oil reserves as far back as 1998. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

SEC to Continue With Shell Interviews Despite Striking Deal

Energy Intelligence Group: SEC to Continue With Shell Interviews Despite Striking Deal: “(SEC) is to continue interviewing Royal Dutch/Shell witnesses next month in connection with the group’s reserves downgrades, despite the deal in principle struck between the two sides”

(Copyright © 2004 Energy Intelligence Group, Inc.)

Thursday, August 5, 2004
Posted 14 August 2004

The US Securities and Exchange Commission (SEC) is to continue interviewing Royal Dutch/Shell witnesses next month in connection with the group’s reserves downgrades, despite the deal in principle struck between the two sides last week to halt the SEC’s investigation into the company, a Shell source told International Oil Daily on Wednesday.

“There are still some interviews being conducted in September,” the source said. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Daily Mail: Board reforms will suit Shell

Daily Mail: Board reforms will suit Shell

“Call it a triumph of globalisation – or call it a total mess.”

Ruth Sunderland
13 August 2004
Posted 14 August 04

THE senior oilmen who resigned in the wake of Shell’s reserves crisis this year must rank pretty high up the league table of executives who are rewarded for failure.

Dutchman Walter van de Vijver, the former exploration boss, is receiving a golden handshake of up to €3.8m or £2.54m.

Given that he has been portrayed as an ineffectual whistleblower, some may wonder why he is being handed an even bigger golden handshake than the £1m-plus doled out to departed chairman Sir Philip Watts. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

The Guardian: Shell fined £84m over reserves scandal

The Guardian: Shell fined £84m over reserves scandal

“Shell is facing a criminal investigation by the US department of justice, ongoing inquiries by the Dutch financial market regulator and the Euronext stock exchange as well as litigation in the US”

Mark Milner

Friday July 30, 2004

Posted 31 July 2004

Royal Dutch/Shell said yesterday it had agreed in principle to pay £83.6m in fines to regulators in Britain and the US to settle investigations into the oil reserves scandal that broke this year.

News of the fines came alongside results from Shell which showed higher oil prices helped the group to earn net income of $4bn (£2.2bn) in the second quarter.

Shell said it would pay $120m to the securities and exchange commission for breaches of SEC rules and US laws, and £17m to the Financial Services Authority under UK market abuse provisions. The British fine is the largest imposed by the FSA and more than four times the previous record. Shell promised the SEC it would spend another $5m on bolstering internal compliance procedures. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

New York Times: Shell to Pay $150 Million in Settlement on Reserves

New York Times: Shell to Pay $150 Million in Settlement on Reserves

“Separately, the Commodity Futures Trading Commission said… Shell’s energy trading unit, Coral Energy Resources, had agreed to pay $30 million to settle accusations that it submitted false price data to publishers”

By HEATHER TIMMONS

Published: July 30, 2004

LONDON, July 29 – The Royal Dutch/Shell Group said on Thursday that it had agreed to pay a total of $150 million in fines to settle investigations by American and British securities regulators into its reporting of crude oil and natural gas reserves. The company said in January that it had substantially overstated those reserves.

The agreement eases some of the pressure on Shell, the world’s third-largest publicly held oil company. But Shell still faces a separate criminal investigation into the matter by the United States Justice Department, a continuing regulatory investigation in the Netherlands and several shareholder lawsuits. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Daily Telegraph: Shell to pay watchdogs £80m for oil reserves row

Daily Telegraph: Shell to pay watchdogs £80m for oil reserves row

“but warned it could not put a figure on the cost of investor lawsuits.”

By Caroline Muspratt (Filed: 30/07/2004)

Royal Dutch/Shell has agreed to pay more than £80m to regulators to settle investigations into the oil giant’s overstatement of reserves, but warned it could not put a figure on the cost of investor lawsuits.

The company will pay £17m to the Financial Services Authority, the largest settlement ever paid to the UK watchdog. It will also pay $120m (£66m) to the US Securities and Exchange Commission and will spend a further $5m to develop an internal compliance programme. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

BBC NEWS: Shell fined over reserves scandal

BBC NEWS: Shell fined over reserves scandal

“will pay a penalty of £17m to the FSA – the biggest fine ever imposed by the regulator – and a $120m (£65.7m) civil penalty in the US.

The scandal rocked investor confidence

29 July 04

Oil giant Shell has agreed to pay more than £80m in penalties to settle inquiries by US and UK regulators into the firm’s restatement of reserves. The firm slashed its reserves estimates by 20% in January, a move which cost three top executives their jobs.

News of the settlement came as the company unveiled second-quarter net income of $4bn (£2.2bn) boosted by high oil prices from last year’s $2.6bn.

Shell added the review of its corporate structure was moving at a “good pace”. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Reuters: Shell pays fines for reserves woes

Reuters: Shell pays fines for reserves woes

“Royal Dutch/Shell will pay about $150 million (82 million pounds) in fines for an oil reserves scandal that tarnished its reputation”

“Shell’s profits looked reasonable, but concerns remain over future production.” Oriel Securities analyst Richard Rose

By Sudip Kar-Gupta

Thu 29 July, 2004 09:12

LONDON/AMSTERDAM (Reuters) – Royal Dutch/Shell will pay about $150 million (82 million pounds) in fines for an oil reserves scandal that tarnished its reputation, the group says after reporting higher second-quarter profits.

The world’s third-biggest oil group said on Thursday net profit adjusted for the current cost of supply was $3.768 billion in the quarter, up 16 percent from a year earlier, but below forecasts. The company said production was lower and would fall further. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Financial Director: The incriminating 2002 Form 20F Sarbanes-Oxley certificates signed separately by Jeroen van der Veer, Sir Philip Watts and Judy Boynton.

Financial Director: The incriminating 2002 Form 20F Sarbanes-Oxley certificates signed separately by Jeroen van der Veer, Sir Philip Watts and Judy Boynton.

(Webmasters note: the following article first published by Financial Director in June is printed below because it contains the incriminating Form 20 F signed by Jeroen van der Veer, the Chairman of the Royal Dutch Shell Group.)

Financial Director: Stringing us along? “even its new ‘Mr. Clean’, Jeroen van der Veer, could all be forced onto centre stage in Wall Street’s first major Sarbanes-Oxley prosecution”

By Anthony Harrington [02-06-2004]

Posted 24 July 04

With an investigation into Shell’s “proven” oil reserves looming, Sarbanes-Oxley may well have caught its first major false accounting scandal. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Investors snub Shell in vote on liability

The Times: Investors snub Shell in vote on liability

“Pointing to Sir Mark Moody-Stuart, a former chairman of Shell’s CMD who sits on the Shell Transport board, Mr Pal said: “When this scandal came up, Sir Mark was present. Why did he allow this departure from Shell’s business principles? He should resign from all his other directorships.”

By Carl Mortished, International Business Editor

June 29, 2004

SHELL’S directors yesterday suffered a humiliating rebuff in the Netherlands when investors in Royal Dutch Petroleum, representing almost 40 per cent of the Dutch holding company’s shares, voted against discharging the directors from liability.

The annual resolution to discharge managing directors and supervisory board directors is normally a formality at Royal Dutch meetings, but a number of Dutch pension funds yesterday took the chance to express anger over the misreporting of 4.5 billion barrels of oil and gas reserves. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Toronto Star: Oil giant’s brass beg for pardon and time

Toronto Star: Oil giant’s brass beg for pardon and time: Contrition expressed at Royal Dutch/Shell: Reserve-booking fiasco stays at centre stage

Jun. 29, 2004.

LONDON—Royal Dutch/Shell Group’s top brass, chastened by this year’s reserves-booking fiasco, have begged shareholders for forgiveness and time to revamp the Anglo-Dutch oil giant.

At twin annual general meetings yesterday in The Hague and London, board members of the parent companies, Royal Dutch Petroleum Co. and Shell Transport & Trading Co., were pressed by both the usual coterie of individual shareholders and an uncommonly large number of institutional investors who have been chafing for structural change and greater openness from the oil giant. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Oil & Gas Journal: Pension funds sue Shell brass, auditors, seeking damages, policy changes

Oil & Gas Journal: Pension funds sue Shell brass, auditors, seeking damages, policy changes

Judy Clark

Associate Editor

28 June 2004

HOUSTON, June 28 — In a move that could indirectly impact a number of companies, two US-based pension funds filed suit Friday against 27 directors and officers of the Royal Dutch/Shell Group and their accounting and audit firms PricewaterhouseCoopers International and KPMG International.

The action followed financial losses and scandal associated with Shell’s cutting its proved oil and natural gas reserves four times since Jan. 9 for a total downgrade of 4.47 billion boe for 2002 reserves—23% of its proved reserves as stated Dec. 31, 2002—and 500 million boe for 2003. The reserves debacle exposed an underlying industry-wide problem in reserves booking that many companies must now address (OJG, Apr. 5, 2004, p. 43). read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.
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