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Posts on ‘June 28th, 2004’

Business Report: take one share to Shell AGM

Business Report: take one share to Shell AGM

By Edward West

June 28, 2004

Cape Town – One share in Royal Dutch/Shell bought for £0.25 (R2.80) has enabled two environmental activists from South Africa, Desmond D’Sa and Ardiel Soeker, to attend the oil multinational’s annual meeting (AGM) in London today, where they will join a delegation spotlighting the group’s environmental record.

D’Sa is from an organisation called groundWork, while Soeker is from the South Durban Community Environmental Alliance. The two bodies had joined a network of environmental groups, headed by Friends of the Earth, to draw attention to the environmental plight of communities adjacent to Shell’s operations around the world, said spokesperson Ferrial Adam. read more

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Oil & Gas Journal: Pension funds sue Shell brass, auditors, seeking damages, policy changes

Oil & Gas Journal: Pension funds sue Shell brass, auditors, seeking damages, policy changes

Judy Clark

Associate Editor

28 June 2004

HOUSTON, June 28 — In a move that could indirectly impact a number of companies, two US-based pension funds filed suit Friday against 27 directors and officers of the Royal Dutch/Shell Group and their accounting and audit firms PricewaterhouseCoopers International and KPMG International.

The action followed financial losses and scandal associated with Shell’s cutting its proved oil and natural gas reserves four times since Jan. 9 for a total downgrade of 4.47 billion boe for 2002 reserves—23% of its proved reserves as stated Dec. 31, 2002—and 500 million boe for 2003. The reserves debacle exposed an underlying industry-wide problem in reserves booking that many companies must now address (OJG, Apr. 5, 2004, p. 43). read more

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The New York Times: Shell Asks Shareholders for Forgiveness

The New York Times: Shell Asks Shareholders for Forgiveness

By THE ASSOCIATED PRESS

Published: June 28, 2004

LONDON (AP) — The leaders of the Royal Dutch/Shell Group of Cos., chastened by this year’s reserves booking fiasco, asked shareholders for forgiveness on Monday and time to revamp the Anglo-Dutch oil giant.

At two annual general meetings in England and the Netherlands, board members of the parent companies — Royal Dutch Petroleum Co. and Shell Transport & Trading Co. — were pressed by shareholders and institutional investors who have been calling for structural changes and greater openness. read more

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The New York Times: Shell Survives Shareholder Rebellion

The New York Times: Shell Survives Shareholder Rebellion

“Not only has Shell been overstating its oil reserves, it has exaggerated its social and environmental performance too”

By REUTERS

Published: June 28, 2004

THE HAGUE/LONDON (Reuters) – Embattled oil giant Royal Dutch/Shell survived a shareholder rebellion on Monday, but not before almost 40 percent of its Dutch stock was voted against key resolutions at the annual general meeting.

Investors gathered in The Hague were asked to agree that Royal Dutch managing directors and its supervisory board “be discharged of responsibility in respect of their management for the year 2003.” Usually such a vote would be carried almost unanimously, but Monday’s vote saw only 60 percent in favor. Shareholders at a twin meeting in London also showed their disapproval of the disastrous year of reserves downgrades and high-level executive firings. Almost 10 percent of Shell stock was voted against approving executive pay for the year. read more

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PRESS RELEASE FROM FRIENDS OF THE EARTH 28 JUNE 2004

PRESS RELEASE FROM FRIENDS OF THE EARTH 28 JUNE 2004

Shell Directors Promise to Visit Fenceline Communities

Jun 28 2004

Shell directors, under fire for polluting communities and damaging people’s health, promised to visit some of the affected areas when challenged by community representatives at the AGM in London today (Monday). People from Texas, Louisiana, South Africa and Nigeria travelled to the meeting with campaigners from Friends of the Earth to raise their concerns, publishing an alternative version of Shell’s report for shareholders [1]. read more

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Shell repeats commitment to end Nigeria gas flaring by 2008

MLive.com: Shell repeats commitment to end Nigeria gas flaring by 2008

The Associated Press

28/06/04

LONDON (Dow Jones/AP) — Royal Dutch/Shell Group Monday reiterated a commitment to end the process of flaring off natural gas from oil projects in Nigeria by 2008.

The company said it has spent about $2 billion to date on infrastructure to collect and ship the gas which would otherwise be burned off into the atmosphere.

Shell has been under pressure from environmentalists and local residents to end gas flaring in Nigeria. Some say the process contributes to global warming. read more

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The Guardian: Shareholders vent anger over Shell scandal

The Guardian: Shareholders vent anger over Shell scandal

Mark Tran

Monday June 28, 2004

Shell, the embattled Anglo-Dutch oil giant, today suffered further humiliation when 40% of Dutch investors voted against a routine resolution.

The vote, which is essentially an expression of confidence in the management, is usually a formality for Dutch firms, making a disapproval rate of 40% the latest blow to hit the group.

Following the debacle over Shell’s overstatement of oil and gas reserves, shareholders at the Royal Dutch arm of the company rejected the resolution. It had asked shareholders to agree that the managing directors and the supervisory board of the firm “be discharged of responsibility in respect of their management for the year 2003”. read more

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The Times: Shell investors reject key proposal

The Times: Shell investors reject key proposal

From AFP in London and The Hague

June 28, 2004

Royal Dutch Shell survived a shareholder rebellion on Monday, but not before investors representing almost 40 per cent of its Dutch stock voted against a key resolution in The Hague, rejecting the annual proposition that accepts that the board had discharged its duties adequately.

Shareholders at the London half of the company’s twin-centred annual meeting also showed their disapproval of the company’s disastrous year of reserves downgrades and management sackings, with a 10 per cent vote against the group’s executive remuneration package. read more

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SKY NEWS: INVESTORS ARE DISGUSTED

SKY NEWS: INVESTORS ARE DISGUSTED

28 June 04

Shell shareholders have shown their disapproval at the company’s disastrous year of reserves downgrades and management sackings.

At the firm’s annual meeting in London, 10% voted against the group’s executive remuneration package.

Shell made four reserves downgrades since January, and the crisis sparked the departure of three top directors – including chairman Sir Philip Watts.

The firm made a £1m severance payment to Sir Philip, who was ousted after the board said it had lost confidence in him. read more

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Anger over Shell Reserves Crisis

The Scotsman: Anger over Shell Reserves Crisis

By David Winning, City Staff, PA News

28 June 04

Oil giant Shell was today given a torrid time by shareholders angry at the crisis over its reserves.

At its annual meeting in London, Shell was forced to defend its record in the face of allegations of a cover up and a lack of transparency.

Shell has downgraded its oil and gas stocks four times since January in a crisis that sparked the departure of three top directors, including chairman Sir Philip Watts.

The task facing the company as it battles to restore confidence was underlined by 10% of investors voting against its remuneration package for directors. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Reuters.co.uk: Shell survives shareholder rebellion

Reuters.co.uk: Shell survives shareholder rebellion

Mon 28 June, 2004 14:32

THE HAGUE/LONDON (Reuters) – Royal Dutch/Shell has survived a shareholder rebellion, but not before investors representing almost 40 percent of its Dutch stock voted against a key resolution in The Hague.

The rebellion was over a resolution asking shareholders to agree that the managing directors and the supervisory board of the firm “be discharged of responsibility in respect of their management for the year 2003.”

Shareholders at a twin Annual General Meeting (AGM) in London on Monday also showed their disapproval of the company’s disastrous year of reserves downgrades and management sackings, with a 10 percent vote against the group’s executive remuneration package. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

BBC News: Shell appeals to shareholders’ patience

BBC News: Shell appeals to shareholders’ patience “You are still covering up the scandal,” the heckler cried to some applause,”

By Jorn Madslien

BBC News Online business reporter at the Shell AGM in London

28 June 04

Heads have long since rolled over Shell’s exaggerated reserves scandal and a new management team is in place, yet its shareholders are still far from content.

Having turned up in droves at the group’s much delayed annual general meeting in London on Monday, they demanded answers and they wanted further change.

“I am quite sure you were in consultation with institutional shareholders, so why were private shareholders left out?” barked private investor John Kennedy who wanted to know why Shell had failed to write to small investors at the height of the scandal back in the winter. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

BBC NEWS: Troubled Shell faces shareholders

BBC NEWS: Troubled Shell faces shareholders

28 June 04

Shell is struggling to regain shareholder confidence

Oil giant Shell is facing shareholders in London and the Hague for the first time since it cut reserves in January.

Monday’s annual meeting was delayed for two months by the crisis which cost three top officials their jobs.

Shell’s complex structure is likely to be a topic, with big investors wanting to see corporate governance improve.

Shareholders in the Hague are expected to try to block a resolution which could clear managers of responsibility for this year’s multiple downgrades. read more

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Thirty Royal Dutch/Shell employees questioned by SEC in reserves probe

San Francisco Chronicle: Thirty Royal Dutch/Shell employees questioned by SEC in reserves probe

Monday, June 28, 2004

THE HAGUE, Netherlands (Dow Jones/AP) — Royal Dutch/Shell Group executives said Monday that 30 employees have so far been questioned by the U.S. Securities and Exchange Commission, which is investigating the Anglo-Dutch oil giant for improper reserves disclosure.

The executives were being quizzed at the group’s annual general meeting, which is taking place concurrently in The Hague and London.

Shell, the world’s third-largest publicly traded oil company by market capitalization, didn’t specify who those employees are. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

North County Times: Shell accused of shorting gas supply

North County Times: Shell accused of shorting gas supply

By: EDMOND JACOBY – Staff Writer

Posted 28 June 04

As North County’s —- indeed, California’s —- motoring public adapts to unrelenting high retail gasoline prices that some pundits say will move past the $2.50-per-gallon mark before summer’s end, one refiner has come under fire for allegedly setting refinery maintenance schedules that limit gasoline output during periods of peak demand.

The Foundation for Taxpayer & Consumer Rights of Santa Monica on Monday charged that Shell Oil Co. set maintenance schedules for California refineries during the last few weeks before the Labor Day weekend, when gasoline consumption surges. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

The West Australian: Anger at Shell’s slow review pace

The West Australian: Anger at Shell’s slow review pace

JOHN PHACEAS

28 June 2004

Today looms as D-Day for troubled oil giant Royal Dutch-Shell, with shareholders expected to vent their spleen over the reserves write-down fiasco when they gather for this year’s annual meetings in London and The Hague.

Shell has been under intense pressure since admitting in February that it had over-estimated its oil reserves by 25 per cent, or 4.4 billion barrels. The move wiped billions off the market value of the Anglo-Dutch group, and forced three senior executives, including chairman Sir Philip Watts, to resign. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

What severance does the chief deserve when his board calls for a change of leadership due to a loss of confidence?

Christian Science Monitor: What severance does the chief deserve when his board calls for a change of leadership due to a loss of confidence? read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Daily Telegraph: Shell can be sure of strife

Daily Telegraph: Shell can be sure of strife

By Nina Montagu-Smith (Filed: 28/06/2004)

Oil giant Shell is preparing for a rough ride from shareholders at today’s annual meeting, at which institutional investor Isis plans to ask for greater clarification about its plans to improve corporate governance.

Although concern over such issues has been to the fore since Shell’s announcement in March that it had overstated its proven oil reserves by 20pc, shareholders are also upset about environmental issues and a £1m payoff for chairman Sir Philip Watts, who resigned in March. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Lively meetings

Financial Times: Lively meetings

By John Plender

Published: June 28 2004 5:00 | Last Updated: June 28 2004 5:00

People have long worried about the unsatisfactory nature of annual meetings and debated what to do about it. Yet today’s Royal Dutch/Shell meetings will probably demonstrate that there is still some life in this much maligned principal-agent get-together.

Even big institutions are proposing to turn up to vent their anger at Shell’s perceived arrogance and sorry governance. It suggests that the AGM is best seen as a default mechanism. When dialogue between institutional shareholders and management has broken down, the meeting can revert to its true function of providing a forum for shareholders to hold management to account. read more

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Shell faces twin-pronged attack

The Scotsman: Shell faces twin-pronged attack

NICK BEVENS

BUSINESS EDITOR

28 June 2004

OIL giant Royal Dutch/Shell holds simultaneous annual general meetings in London and The Hague today, facing what could be a massive investor defeat on two key motions which ask shareholders to absolve directors from responsibility for the company’s recent troubles.

Shareholder mood will be further darkened by Friday’s news that former chairman Sir Philip Watts, who quit in the wake of the oil and gas reserve estimates scandal earlier this year, has just been given a pay-off worth just over £1 million. Shell is 60 per cent owned by Royal Dutch Petroleum, with the rest held by Shell Transport. About 25 per cent of Royal Dutch stock is owned by US-based investors, and in The Hague they are understood to be following the recommendation of Institutional Shareholder Services (ISS), the influential proxy voting service, which has called for a vote against “discharging” directors – led by Jeroen van der Veer, Shell’s president – from their legal liabilities. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

The Times: Shell faces investor revolt over chairman’s £1m payoff

The Times: Shell faces investor revolt over chairman’s £1m payoff

By Caroline Merrell

June 28, 2004

EXECUTIVES in Shell, the oil company, expect a storm of protest today when shareholders gather for its annual meeting in London.

Investors are angry at the oil giant’s proposed £1 million payoff to Sir Philip Watts, the former chairman. They want Sir Philip to be paid only his three-month contractual entitlement.

The £1 million payment is five times the amount the company has to pay under the terms of his contract. In addition to the payoff, Sir Philip is scheduled to receive an annual pension of £584,000. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com
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