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June 26th, 2004:

Ousted Chairman of Shell Got $1.93 Million Package

The New York Times: Ousted Chairman of Shell Got $1.93 Million Package

By HEATHER TIMMONS

Published: June 26, 2004

LONDON, June 25 – The Royal Dutch/Shell Group’s former chairman, Sir Philip B. Watts, received a severance package worth £1.06 million ($1.93 million), the amount he would have earned had he stayed on until retirement, the company said on Friday.

Sir Philip was asked to step down in March, after an internal investigation found that the company had overstated its oil and gas reserves estimates for several years. He was the head of exploration and production, the division in charge of reserves, from 1997 to 2000, when much of the overbooking occurred. Sir Philip, who turned 59 on Friday, had been scheduled to retire in June 2005. read more

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Shell Ex-Chairman Receives $2 Million Severance Payment

The Wall Street Journal: Shell Ex-Chairman Receives $2 Million Severance Payment

Associated Press

Posted 26 June 04

LONDON — Royal Dutch/Shell Group of Cos. has paid former Chairman Philip Watts, who resigned in the wake of the company’s embarrassing overstatement of its proven oil and gas reserves, a lump-sum severance payment of nearly $2 million, the company said today.

Mr. Watts resigned in March, and his payment was based on his salary as an employee until his normal retirement date in June 2005.

When Mr. Watts resigned, the company said he did so in response to the board’s wish for “a change of leadership due to a loss of confidence.” read more

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Shell Holders Suit Meant To Correct Governance

The Wall Street Journal: Shell Holders Suit Meant To Correct Governance

By David Bogoslaw

DOW JONES NEWSWIRES

Posted 26 June 04

NEW YORK — A shareholders derivative lawsuit filed Friday against the boards and some top executives of Royal Dutch Petroleum Co. (RD) and the Shell Transport & Trading Co. (SC) would break new ground, if won, by explicitly requiring the companies to correct corporate governance problems, a lawyer and consultant for the plaintiffs said.

Robert Monks, an authority on corporate governance and founder of Institutional Shareholders Services, argues that the convoluted corporate structures of the companies known collectively as the Shell Group were a key contributor to the oil reserve revision fiasco earlier this year. read more

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Houston Chronicle: Shell pays $2 million to Watts: Reserves report forced departure of ex-chairman

Houston Chronicle: Shell pays $2 million to Watts: Reserves report forced departure of ex-chairman

By THOMAS WAGNER

Associated Press

June 26, 2004, 12:17AM

LONDON – Royal Dutch-Shell Group of Companies has paid former chairman Philip Watts, who resigned in the wake of the company’s embarrassing overstatement of its proven oil and gas reserves, a lump sum severance payment of nearly $2 million, the company said Friday. Watts resigned in March, and his payment was based on his salary as an employee until his normal retirement date in June 2005.

When Watts resigned, the company said he did so in response to the board’s wish for “a change of leadership due to a loss of confidence.” read more

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Former Shell chief awarded £1m payoff

The Times: Former Shell chief awarded £1m payoff

By Jenny Davey and James Doran in New York

June 26, 2004

SIR PHILIP WATTS, former chairman of Shell, the troubled oil giant, has secured a £1 million payoff just months after the oil group was alleged to have misled investors about the scale of the company’s proven oil reserves.

The severance payment, which has sparked outrage among some shareholder groups, came on Sir Philip’s 59th birthday.

The lump sum of £1,057,971 is equivalent to about 15 months’ basic pay.

Sir Philip will also retain 2,847,000 stock options, potentially worth millions of pounds, and the right to a £584,070-a-year pension. read more

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Some fear that Shell is not going to undergo the drastic shake-up that it is clear is required

The Times: ‘Some fear that Shell is not going to undergo the drastic shake-up that it is clear is required’

By Patience Wheatcroft

June 26, 2004

WHAT a generous gesture from Shell’s remuneration committee. There was Sir Philip Watts, contemplating a future on a meagre pension of just £568,000 but now he has at least got an extra £1 million in the bank to fund those occasional excursions he may be planning in his retirement. The news must have cheered him up on his 59th birthday. It might even have taken his mind off those investigations that the FSA and the SEC are still conducting into his activities at Shell. read more

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

Sacked Shell boss walks away with £1m

Daily Telegraph: Sacked Shell boss walks away with £1m: “despite his role in the oil giant’s reserves debacle”

By David Litterick (Filed: 26/06/2004)

Sir Philip Watts: huge payout despite failure on reserves

Sir Philip Watts was paid more than £1m compensation from Shell despite his role in the oil giant’s reserves debacle.

The former chairman has been paid a lump sum of £1,057,971, which the company said was based on the amount he could expect to receive if he had stayed in his job until his normal retirement date of June 2005.

Sir Philip received an annual salary of £800,000 when he was forced to resign in March after Shell’s announcement that it had overstated its proven oil reserves by 20pc – the equivalent of 3.9billion barrels. read more

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

The Independent: Investor fury over £1m pay-off for Shell chief

The Independent: Investor fury over £1m pay-off for Shell chief

By Michael Harrison, Business Editor

26 June 2004

Shell outraged investors yesterday by giving its disgraced former chairman Sir Philip Watts a pay-off worth more than £1m.

Sir Philip, who was ousted from the oil giant in March following a scandal over the misreporting of reserves, has also been allowed to keep 2.9 million share options in Shell and start drawing a £584,000-a-year pension immediately.

The size of the pay-off is certain to provoke fury from shareholders at Monday’s twin annual meetings of the Anglo-Dutch company in London and The Hague. Investors are still recovering from January’s shock reserves downgrade which wiped £16bn from Shell’s market value. read more

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The Independent: Turn your big idea into a money-making business

The Independent: Turn your big idea into a money-making business

Got a great business concept, but need some sound advice?

Nicola McCormack explains the secrets of going it alone

26 June 2004

Whether it’s a bolt from the blue or an invention that’s taken decades to perfect, if you are convinced your Big Idea will make you your fortune as a business, you then have to turn your creative genius to the more mundane tasks of planning and finance.

Markus Clavin, Marketing Director of Business Link, a business support, advice and information service managed by the Department of Trade and Industry, says there are a number of ways for those who have the concept but lack the business acumen to survive in the cut-throat world of start-ups. read more

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

The Guardian: What happened next?

The Guardian: What happened next?

Neil Farish worked as a coach on a dry ski slope in Edinburgh while studying for his degree. But what does he do now?

Interview by Adeline Iziren

Saturday June 26, 2004

Neil Farish in now an entrepreneur and co-founder of Lightweight Medical, which designs life saving medical products for hospitals.

Uninspired by the product design jobs around, Neil and friend Neil Tierney set up their own business within a few months of graduating from Glasgow University. “We didn’t want to design the next big plastic product,” says Neil. “We wanted to design products that made a difference to the lives of other people.” read more

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

The Guardian: Sowing seeds for success

The Guardian: Sowing seeds for success

You needn’t wait till graduation – Liz Brown reports on five ways to start a business while at university

Saturday June 26, 2004

As well as being places of learning, universities are often seedbeds for new businesses and platforms for the entrepreneurs behind them. Whether you’re dreaming up your business idea, meeting potential business partners, exploring untapped markets, or all of the above, your time on campus is a unique opportunity to put the building blocks in place.

1. Make the most of the people around you read more

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The Guardian: Shell’s £1m goodbye for ousted Watts

The Guardian: Shell’s £1m goodbye for ousted Watts

David Gow

Saturday June 26, 2004

Sir Philip Watts, ousted as chairman for his role in Shell’s reserves fiasco, yesterday celebrated his 59th birthday with a £1.06m severance package.

Shell, facing a stormy annual meeting on Monday, said Sir Philip was being paid his basic salary from the day he resigned in March to what would have been his retirement at the end of June 2005.

But Sir Philip could yet face legal action for damages from his former employer if any of five separate investigations by regulators prove wrongdoing during the reserves debacle. read more

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

Shell in more controversy with Watts pay-off

Financial Times: Shell in more controversy with Watts pay-off

By Sundeep Tucker and James Boxell in London

Posted 26 June 04

Royal Dutch/Shell sparked a fresh bout of investor anger on the eve of its annual meetings when it announced on Friday that Sir Philip Watts, its former group chairman, is to receive a pay-off worth five times his contractual entitlement.

Sir Philip, who presided over the embattled oil company’s reserves crisis, will be given £1.06m – the equivalent of 15-months’ salary – even though he was on a three-month service contract. read more

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

Shell pays former executive nearly $2 million in severance

NewsDay.com: Shell pays former executive nearly $2 million in severance

LONDON (AP) _ Royal Dutch/Shell has paid former chairman Philip Watts, who resigned in the wake of the company’s embarrassing overstatement of its proven oil and gas reserves, a lump sum severance payment of nearly $2 million, the company said Friday.

Watts resigned in March 2004, and his payment was based on his salary as an employee until his normal retirement date in June 2005.

When Watts resigned, the company said he did so in response to the board’s wish for “a change of leadership due to a loss of confidence.” read more

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

Pension funds file suit on behalf of Shell

Financial Times: Pension funds file suit on behalf of Shell

By Sheila McNulty in Houston

26 June 2004

Two US pension funds have filed a lawsuit on behalf of Royal Dutch/Shell, seeking damages from its boards, current and past top executives and its accountants – PwC and KPMG – for overstating the group’s proved reserves.

Numerous lawsuits have been filed against Shell, seeking reparations for investors, but this is the first seeking to disgorge executive compensation back to the company. It also demands increased accountability, a vote on combining the boards and the right to nominate directors. read more

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

Shell hit by new lawsuit in US over reserves scandal

ChannelNewsAsia: Shell hit by new lawsuit in US over reserves scandal

Posted: 26 June 2004

LONDON : Embattled oil giant Royal Dutch/Shell was hit with a new lawsuit in the United States on behalf of shareholders seeking compensation over the group’s energy reserves scandal.

It comes as Shell faces a rough ride at dual annual shareholder meetings in London and the Hague on Monday.

The group is trying to restore investor confidence in the wake of its admission that it overestimated its proven energy reserves by 4.47 billion barrels, or more than 20 percent.

The fresh lawsuit names 27 directors and officers of Royal Dutch/Shell, and also their accounting and audit firms, PricewaterhouseCoopers International and KPMG International, according to a statement from the lawyers received here. read more

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