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.
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