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%.
In addition to his base salary, Sir Philip received 1.16 million stock options that can be exercised in 2006. Sir Philip was also awarded 79,697 Shell shares as deferred bonus. The compensation for 2003 doesn’t include Sir Philip’s severance package, which is still being negotiated, according to a Shell spokesman.
Shell’s directors removed Sir Philip in March, after the initial findings of an internal inquiry into the company’s overstated reserves. Shell’s board also ousted Walter van de Vijver, former head of exploration and production, and reassigned Judy Boynton, formerly the company’s chief financial officer.
Write to Chip Cummins at [email protected]
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.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
