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Walter van de Vijver

Shell appoints new finance chief: ‘a Shell veteran’

BBC News: Shell appoints new finance chief: ‘a Shell veteran’

24 June 04

Troubled oil giant Shell has appointed a new finance chief as it seeks to reassure nervous investors.

Peter Voser, formerly chief financial officer at Swiss firm ABB, will join Shell with effect from 4 October.

Shell’s former CFO Judy Boynton quit in April this year following a row over the firm’s booking of oil reserves.

Shell has been forced to restate its reserves four times this year, sparking anger amongst shareholders and leading several top executives to quit.

Ms Boynton’s departure had been preceded by the removal of chairman Philip Watts and oil and gas chief Walter van de Vijver. read more

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

Business Report: The corporate pressure of performance

Business Report: The corporate pressure of performance

By Bert Chanetsa

21 June 2004

What is clear from the saga at Royal Dutch/Shell is that the practice of categorising reserves is a supreme challenge.

This is so both in the context of shareholder and market expectations as well as regulatory requirements.

For any company operating in the resources sector, reserves booked are a critical indicator of value to stakeholders.

A drama around the veracity of the method of such bookings has been playing itself out at Shell.

On January 9 this year, Shell announced that it would be recategorising some 3.9 billion barrels of oil equivalent, or 20 percent of proven reserves, previously stated as at December 31 2002. read more

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

Shell investors threaten to revolt

Financial Times: Shell investors threaten to revolt

Posted 14 June 04

Royal Dutch/Shell faces the prospect of a investor revolt. With two weeks before the oil giant’s delayed twin annual meetings, institutional shareholders are growing increasingly frustrated by the secrecy surrounding the internal review of its governance structures and they plan to go public with their grievances, in person, at the meetings.

Since January 9 Shell has downgraded its proved oil reserves four times and, in the aftermath, shed Sir Philip Watts, group chairman, Walter van de Vijver, head of exploration and production, and Judy Boynton, finance director. It is also facing numerous class action lawsuits and regulatory investigations in the US, UK and the Netherlands. read more

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

Shell faces rough ride from investors

The Sunday Telegraph: Shell faces rough ride from investors

By Sylvia Pfeifer and Robert Watts (Filed: 13/06/2004)

Royal Dutch/Shell is heading for a showdown with leading investors at its annual meeting this month unless the oil giant provides greater detail of its promised strategy to overhaul its complex corporate structure.

The Association of British Insurers (ABI) is threatening to reject Shell’s remuneration report ahead of the annual meeting on June 28 if planned discussions with the company’s executives over the coming days do not go well. This would lead to the ABI issuing a “red top” warning, which indicates serious corporate governance breaches. read more

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

GCSE question from Education Feature in Daily Telegraph published 11 June 2004

GCSE question from Education Feature in Daily Telegraph published 11 June 2004

Memos are just one form of communication within a business. What other forms of communication are used by businesses, and what are the advantages and disadvantages of each?

(Webmasters comment: They might want to put that question to Sir Philip Watts!)

EXAMPLE ARTICLE

Daily Telegraph: Memos expose Shell’s years of lying

By James Moore

(Filed: 20/04/2004)

Former executives at Royal Dutch Shell lied about the true level of the company’s oil and gas reserves for years, a damning internal report found yesterday. read more

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

The Guardian: Shell ‘may have to leave Nigeria’

The Guardian: Shell ‘may have to leave Nigeria’

Mark Tran

Friday June 11, 2004

The embattled Anglo-Dutch oil giant Shell was today facing fresh embarrassment as an internal report said it could have to pull out of Nigeria because of violence in the Niger delta region.

The confidential report, dated December 2003 and obtained by the Bloomberg news agency, was commissioned as part of the company’s efforts to help develop a “peace and security strategy” in the area.

It said violence in the Niger delta, where a majority of Nigeria’s oil reserves are located, kills around 1,000 people each year. read more

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

Mail on Sunday: Chairman Jeroen van der Veer in frame over Shell scandal – could lead to 20 years in jail

Mail on Sunday: Chairman Jeroen van der Veer in frame over Shell scandal – could lead to 20 years in jail

Patrick Tooher,

6 June 2004

SHELL chairman Jeroen van der Veer could face criminal prosecution in the US after signing accounts that massively overstated oil and gas reserves.

The revelation is another blow to Shell. Throughout the reserves fiasco, it has presented van der Veer as Mr Clean.

Van der Veer is bound to be questioned again about his role in the scandal when he meets leading shareholders this week.

Financial Mail has established that van de Veer, ex-chairman Sir Philip Watts and former finance director Judy Boynton put their names to statements required by the Sarbanes-Oxley Act. The Act came into force in 2002 after the WorldCom and Enron scandals. read more

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

Shell’s Ex-Chairman Got Pay Raise in 2003

The Wall Street Journal: Shell’s Ex-Chairman Got Pay Raise in 2003

 

By CHIP CUMMINS

Staff Reporter of THE WALL STREET JOURNAL

June 1, 2004

 

LONDON — Philip Watts, ousted earlier this year as chairman of Royal Dutch/Shell Group for his role in the oil company’s energy-reserve accounting scandal, took home a 13% raise in base pay in 2003. Sir Philip earned £843,021 ($1.6 million or €1.3 million) in salary and fees, according to Shell’s annual report.

 

Sir Philip and other top executives received no annual bonus for 2003, a move Shell announced earlier this year in the midst of disclosures that it had greatly overstated its reserves of oil and natural gas. Without the bonus, Sir Philip’s pay for the year fell by 47%. read more

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

The Observer: Shell’s ground zero

The Observer: Shell’s ground zero

Sunday May 30, 2004

The reserves scandal has left the Anglo-Dutch oil giant a long way behind its rivals. Dogged by difficulties in Nigeria and elsewhere, can it ever catch up, asks Oliver Morgan

On Friday morning there were loud thumps across the City as oil giant Shell’s hefty annual report finally landed on desks. The long-awaited document, delayed thanks to the internal turmoil caused by four downgrades that have stripped 4.7 billion barrels of oil from the company’s proved reserves, was an attempt to ‘fess up and move on.
read more

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

The Scotsman: Troubled Shell’s board bonuses axed

The Scotsman: Troubled Shell’s board bonuses axed

 

MARTIN FLANAGAN CITY EDITOR

Sat 29 May 2004

 

STORM-tossed Shell, the subject of regulatory investigations on both sides of the Atlantic for the overstated oil reserves scandal, dispensed with annual bonuses last year as a result, it emerged yesterday.

 

The British/Dutch oil giant’s twin annual reports released yesterday, after months of delay in the wake of the reserves overstatement, also showed that two of the three directors who were sacked had no contractual right to a severance payoff. read more

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

Shell withholds bonuses from ousted directors

The Times: Shell withholds bonuses from ousted directors

 

By Ingrid Mansell

May 29, 2004  

 

SHELL yesterday sought to assuage shareholder anger over its reserves misreporting scandal by revealing that it had withheld more than £2.5 million worth of bonuses from its ousted senior directors.

 

The Anglo-Dutch oil major said Sir Philip Watts, the former chairman, and Walter van de Vijver, the exploration chief, had missed out on potential bonuses worth £843,021 and £563,000 respectively. Sir Philip also failed to qualify for £752,000 worth of long-term incentives.   read more

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

The Independent: Sacked Shell chief keeps 1m options

The Independent: Sacked Shell chief keeps 1m options

 

By Michael Harrison

29 May 2004

 

The disgraced former chairman of Royal Dutch/Shell, Sir Philip Watts, is to be allowed to retain more than a million share options granted to him last year. He will also be entitled to a £568,000 income in retirement after a £2m increase in his pension pot last year to more than £10m.

 

Sir Philip’s basic pay went up in 2003 by £98,000 or 13 per cent to £843,000. However, he received no annual bonus. He has also forfeited £752,000 worth of performance shares in Shell’s long-term incentive plan and 232,500 share options granted in 2001 because of the company’s below-average financial performance. However, the share options are worthless anyway because their exercise price is more than a pound above Shell’s current market price. read more

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

BBC News: Disgraced Shell bosses lose bonus

BBC News: Disgraced Shell bosses lose bonus

Posted 29 May 04

  

Sir Phillip Watts lost his bonus while the oil reserves row was at its height.

 

Disgraced Shell bosses have lost their bonuses, following the scandal over oil and gas reserves.

 

In its annual report, already delayed by months, the oil giant also states that two of the three directors who were sacked have no right to a pay-off.

 

Shell shocked investors when it announced it had overstated reserves by 20% and has made four downgrades. The decision not to pay bonuses appears to be Shell’s attempt to draw a line under the scandal. read more

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

Shell boss missed £2m payout

London Evening Standard: Shell boss missed £2m payout

Steve Hawkes,

28 May 2004

SIR Philip Watts missed out on almost £2m of lucrative stock options* and incentives in his final year at Shell.

But details of a pay-off for the former chairman are notably absent from the oil giant’s mammoth annual report, published today after a 10-week delay.

A spokesman said severance deals for Watts, former exploration chief Walter van de Vijver and finance director Judy Boynton following Shell’s reserves scandal were being thrashed out.

‘It is still a matter of discussion between the boards and the individuals,’ he said. ‘Once final agreement has been reached, we will provide full disclosure.’
read more

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Shell Annual Report: Co Vows To Regain Trust Of Shareholders

The Wall Street Journal: Shell Annual Report: Co Vows To Regain Trust Of Shareholders

 

DOW JONES NEWSWIRES

May 28, 2004 3:12 a.m.

 

LONDON — Royal Dutch/Shell Group (RD, SC), humbled by a reserves scandal that saw four top executives dismissed, said in its delayed annual report Friday that “rebuilding credibility” and “regaining trust” would be key priorities going forward.

 

But, it also stressed that its core exploration and production and refining and marketing businesses are in good shape and that the company is engaged in several new development projects that augured well for the future. read more

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

Shell wipes 120m more barrels from reserves

The Scotsman: Shell wipes 120m more barrels from reserves

JIM STANTON
DEPUTY BUSINESS EDITOR
Posted 25 May 04

Key points
• Downward revision is fourth this year
• Firm’s reserves 4.47bn barrels lower than thought
• Company subject of probe by US watchdog

Key quote
“I am assuming this is the final drawing of the line under it [the restatement scandal]” – Brendan Wilders, Oriel Securities analyst

Story in full: CRISIS-HIT oil giant Shell has trimmed a further 120 million barrels from its proven reserves – the fourth revision it has made this year to the figure. read more

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