SPACE, VISION AND STRATEGY: Sir Philip Watts, disgraced Shell Group Chairman who once donned a space suit at a meeting in Maastricht, Netherlands, in 1998 to pump up his troops. Subsequently a defendant in various US class action law suits arising from his role in reserves fraud ,which cost Shell shareholders almost $1 billion in lawsuits and fines. Sir Philip was rewarded with a reported $18 million pension pot/settlement for destroying Shells reputation.
Spaced out means to be confused or distracted…
REFLECTIONS OF A SHELL RETIREE
During the Mark Moody-Stuart tenure as Group Chairman of Royal Dutch Shell, someone had the brainwave of setting up hydrocarbon value creation teams.
The foundations for the reserves scandal were laid.
The company had got (with the explicit knowledge of the top brass) into the hands of people who were only motivated by personal rewards, and who smelled their chance. None of that Enterprise First stuff. It was Me first and all the snouts were in the trough and nobody wanted to take their snout out of the trough. Anyone complaining or making remarks that things were not right was publicly destroyed and removed. And those with their snouts in the trough started to make promises and ever more ridiculous demands. Explicit instructions to cook the books or err on the high side were hardly given in written form or were at least well disguised. It was said and whispered in meetings, conferences and workshops and personal discussions during the annual staff evaluation time. There were clear instructions to aim for the impossible with those stretched targets and anyone who said he could go even further or higher was handsomely rewarded with promotions or fat bonuses. Brinded was a real champion of this, he was #2 and later MD in Shell Expro and I believe they missed their business targets for 7 years in a row under his reign! read more
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