Shell chairman issues an unreserved apology
12:01AM GMT 06 Feb 2004
Sir Philip Watts yesterday issued “an unqualified apology” for not personally making Shell’s shock announcement that it was cutting its proven reserves by 20pc and admitted he had considered resigning over the matter.
The chairman of Shell’s committee of managing directors also revealed the company had exaggerated its proven reserves for at least 10 years and announced two inquiries into the way it accounts for them.