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June 15th, 2004:

London Evening Standard: Speed up reform, Shell warned

London Evening Standard: Speed up reform, Shell warned

15 June 2004

BIG investors have given Shell a blunt warning that it must speed up its reforms and give more information about an internal review into its board structure.

Shareholders have said the oil giant’s refusal to name those on its review working party is ‘ridiculous’. They are demanding that it divulge the names and terms of reference of the review.

Investors fear conservatives in the Dutch arm of Shell are resisting change. Others appear to have received the message that the game is up for its complex dual board structure, which many hold responsible for its governance failures. 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.

Isis heads for showdown at Shell meeting

Daily Telegraph: Isis heads for showdown at Shell meeting

By Christopher Hope, Business Correspondent (Filed: 15/06/2004)

Isis yesterday became the first big shareholder in Shell to say that it will attend the embattled oil and gas giant’s annual meeting this month.

The news is further evidence that pressure is growing on the beleaguered management to unveil large scale changes to the Anglo-Dutch company’s complex structure at the meeting on June 28.

Shell also said yesterday that it had moved the location of its London meeting – a separate one is held in the Netherlands – to a new venue that is five times bigger than the normal location. 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: Shell tries to win friends as it owns up to mistakes

The Guardian: Shell tries to win friends as it owns up to mistakes

Terry Macalister

Tuesday June 15, 2004

Shell has owned up to a range of operational shortcomings, admitting it has been slow to take up new opportunities, has been too caught up with long-term goals and has let project management slip.

The latest round of self-criticism came from chairman Jeroen van der Veer at a meeting with shareholders and was revealed by one of its brokers, Deutsche Bank, yesterday.

The Anglo-Dutch energy group is trying to win friends in the investor community ahead of a potentially stormy annual meeting scheduled for June 28. 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 pension fund finger can point both ways

Financial Times: The pension fund finger can point both ways

By Paul Betts

Jun 15, 2004

In its latest “focus list” of underperforming companies, the $165bn California state employees’ pension fund Calpers has pointed the finger at three US multinationals (Walt Disney, Maytag and Emerson Electric) and one European (Royal Dutch/ Shell) in greatest need of improving corporate governance and financial practices.

Featuring on the blacklist of the US’s largest public pension fund and champion of shareholder activism tends to make big corporations come out in a rash. 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.

Delta blues

Financial Times: LEADER: Delta blues

Jun 15, 2004

After the battering it has received over its shrinking oil reserves, Royal Dutch/ Shell could have done without more debate about its future in Nigeria, where it obtains almost a 10th of its production. A consultants’ report commissioned by the company has suggested it might have to withdraw from its extensive onshore operations in the Niger delta within the next five years because of violence in the region.

Shell says it has no such intention. But deteriorating security in Africa’s chief oil-producing zone demands that it and other oil majors undertake a fundamental rethink of the way they interact with the communities in which they operate. 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.

Dialogue of the deaf

Financial Times: Dialogue of the deaf

By Jane Fuller

Jun 15, 2004

What is the point of having meetings with shareholders to talk about corporate governance if there is no free and frank discussion of the alternatives?

This unsatisfactory state of affairs seems to be governing Royal Dutch/ Shell’s meetings with investors. Yesterday it was representatives of the Association of British Insurers who emerged disappointed from a meeting with Lord Oxburgh, acting chairman of the UK arm of the Anglo-Dutch oil group, and Sir Peter Burt, senior independent director. 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.

Investors press Shell to name executives under review

Financial Times: Investors press Shell to name executives under review

By Sundeep Tucker

Jun 15, 2004

UK investors in Shell Transport & Trading were left “disappointed and frustrated” yesterday after a meeting in London at which senior management failed to soothe their concerns over the slow pace of the company’s review into governance.

Lord Oxburgh, acting chairman, and Sir Peter Burt, senior independent director, met members of the influential investment committee of the Association of British Insurers as the Anglo-Dutch group’s UK arm attempts to rebuild bridges with its leading shareholders. 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.

BP Defends Method Of Estimating Oil, Gas Reserves

The Wall Street Journal: BP Defends Method Of Estimating Oil, Gas Reserves

DOW JONES NEWSWIRES
June 14, 2004 4:30 p.m.
Posted 15 June 04

LONDON (AP)–BP Plc (BP) on Monday defended its method of estimating oil and gas reserves, and said that its figures wouldn’t show a “material” change when it recalculates them for submission to regulators in the U.S.

However, London-based BP left open the possibility that its reserves might differ somewhat when it restates them in a filing with the U.S. Securities and Exchange Commission later this month.

Reserves are a vital asset for most oil companies, and firms have come under scrutiny for the way they estimate their reserves since Royal Dutch Shell Group of Cos. (RD, SC) downgraded its oil holdings by 23%, or 4.47 billion barrels. Shell , BP’s biggest hometown rival, made four separate revisions of its reserves this year, shocking the markets and forcing the resignation of several top Shell executives. 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.