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June, 2004:

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

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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

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Former chairman of Royal/Dutch Shell gets giant payout: ‘after an accounting scandal’

Taipei Times: Former chairman of Royal/Dutch Shell gets giant payout: ‘after an accounting scandal’

SEVERANCE PACKAGE: Sir Philip Watts received £1.06 million after he stepped down from his post at the oil giant after an accounting scandal

Sunday, Jun 27, 2004,Page 11

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

Watts 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. read more

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Embattled Shell braces for shareholder showdown

ChannelNewsAsia.com: Embattled Shell braces for shareholder showdown

“officers and directors of these interconnected companies have hidden behind an opaque and complicated corporate structure to falsify proved oil and gas reserves for nearly 10 years”

27 June 04

LONDON : The management of Royal Dutch/Shell is bracing for a showdown with angry shareholders this week over the oil giant’s energy reserves scandal.

The Anglo-Dutch group is facing calls for changes to its governance and ownership structure, under which London-based Shell owns 40 percent of the group and Netherlands-domiciled Royal Dutch Petroleum Company holds 60 percent.

The two companies are to hold what promise to be stormy dual annual shareholder meetings in London and The Hague on Monday. read more

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Shell board braced for revolt

Mail on Sunday: Shell board braced for revolt

Patrick Tooher,

27 June 2004

SHELL faces a major shareholder revolt at its annual meeting tomorrow that could see nine directors, including chairman Jeroen van der Veer, kicked off the Dutch half of the board at the embattled oil giant.

Institutional Shareholder Services, the world’s largest proxy voting agency, is urging clients to back a motion that amounts to a vote of no confidence in the Royal Dutch board over its handling of the oil reserves fiasco.

Financial Mail has established that Dutch investors who typically support incumbent management and have been blocking corporate reforms, own less than 15% of the shares. read more

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Shell told to hurry up on transparency

Sunday Times: Shell told to hurry up on transparency

Lucinda Kemeny

June 27, 2004

INSTITUTIONAL investors will unite to urge Royal Dutch/ Shell, the embattled oil giant, to speed up its review of corporate governance at a showdown annual meeting tomorrow.

Earlier this month the company bowed to demands for clarity and released details of a five-member governance review team, set up after repeated calls from shareholders.

Although shareholder groups welcomed the development, Lord Oxburgh, non-executive chairman, and Malcolm Brinded, managing director of London-listed Shell, can expect a stormy meeting. Investors have been further incensed by the oil group’s announcement on Friday that it is paying Sir Philip Watts, its sacked chairman, £1.06m — five times his contractual entitlement. read more

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Shell heads for shareholder defeat on director responsibility

The Sunday Telegraph: Shell heads for shareholder defeat on director responsibility

By Sylvia Pfeifer (Filed: 27/06/2004)

Royal Dutch faces an investor defeat if it fails to withdraw two key motions asking shareholders to absolve directors from responsibility for the oil giant’s recent troubles.

The Telegraph has taken soundings among leading shareholders in Royal Dutch, the Netherlands-based arm of Royal Dutch/Shell. These reveal that many intend either to vote against the motions or to abstain. None contacted by this newspaper said they would vote in favour.

About 25 per cent of Royal Dutch stock is owned by US-based investors. They are understood to be following the recommendation of Institutional Shareholder Services (ISS), the influential proxy voting service. read more

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The Observer: Ethical funds dump Shell shares

The Observer: Ethical funds dump Shell shares

Nick Mathiason and Oliver Morgan

Sunday June 27, 2004

Leading institutions are selling shares in Shell over concerns about the way the company deals with environmental issues associated with its activities in Africa, the United States and Sakhalin Island off the Russian coast.

As the oil giant braces itself for a stormy annual general meeting tomorrow, two leading fund managers representing blue-chip City institutions have confirmed that they have ditched all their Shell shares.

Socially responsible investment (SRI) funds belonging to Investec Henderson Crosthwaite and Morley Fund Management have sold all Shell shares in recent months. The move is significant, because SRI decisions increasingly affect mainstream analysts’ investment recommendations. read more

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The Observer: A pearl in Shell?

The Observer: A pearl in Shell?

Oliver Morgan

Sunday June 27, 2004

With so much ink spilled over the enigma that is oil giant Shell this year, investors could be forgiven for wondering what to do.

A sage City gent recounted last week how he had bought Shell shares in the spring at around 350p and intended to stay in there until they reached a fiver. Wise? Well, the sector has been soaring away on the high oil price and record second-quarter results are expected next month.

Shell – which has its AGM tomorrow – may take years to close the gap in fundamentals between itself and peers BP and Exxon, but that’s not the point just now. A significant part of the problem comes down to what analysts call ’emotional’ discount – effectively incomprehension and irritation at the company’s obfuscation. read more

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The Observer: Shell shock

The Observer: Shell shock

Nick Mathiason
Sunday June 27, 2004

Execs at Shell will be praying for fine weather tomorrow. The accident-prone company’s AGM is in the morning in Docklands with a higher-than-usual quota of fund managers intending to turn up with awkward questions. With a journey time of just two hours from the Excel centre to the centre court, a rain-free day should entice troublemakers away well before chairman Lord Oxburgh runs out of prepared answers, a point rammed home to Cheapside by several of the City’s finest. But his lordship can expect extra vitriol if it rains. read more

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Watchdog lawyer sues Shell, execs over reserves

Economic Times: Watchdog lawyer sues Shell, execs over reserves

Posted 27 June 04

NEW YORK: The army of lawyers swarming around Royal Dutch/Shell Group, which touched off a collapse in its stock price after it admitted inflating proved reserves, has just been joined by a well-known veteran.

Securities lawyer William Lerach, a lead player in many of the biggest shareholder class action suits of the past two decades, on Friday filed a shareholder derivative lawsuit against Shell and its executives in a New Jersey state court.

The suit on behalf of the UNITE National Retirement Fund and the Plumbers and Pipefitters National Pension Fund — alleges Shell directors and auditors failed to properly monitor company management, which ran afoul of new Sarbanes-Oxley corporate reform rules in the United States. read more

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Shareholders to strike new blow against Shell directors

The Independent: Shareholders to strike new blow against Shell directors

By Tim Webb

27 June 2004

Up to a quarter of Shell’s shareholders will deliver a crushing vote of no confidence in the Anglo-Dutch oil giant’s management tomorrow.

Shareholders have warned that a “significant minority” will either abstain from or vote against the second resolution at the annual general meeting of the group’s Dutch arm in the Hague.

This asks them to approve the 2003 annual accounts. Under Dutch listing rules, Royal Dutch must ask shareholders to “discharge directors and managing directors of their responsibility in respect of their management for the year 2003”. read more

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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

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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

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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

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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

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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

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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

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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

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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

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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

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Wait-and-see Shell

Financial Times: Wait-and-see Shell

Saturday 25 June 2005

By Clay Harris

The next chairman of Royal Dutch Shell, the unified group due to be created next week, does not have to agree to live in The Hague. Mudlark now hears that it’s not an absolute necessity, perhaps indicating how the search is going.

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Spanish oil giant reaches deal with Shell

expatica.com: Spanish oil giant reaches deal with Shell

25 June 2004

MADRID — The Spanish oil company Repsol-YPF has reached a deal with the Anglo-Dutch multinational Shell to buy the majority of Shell’s assets in Portugal, the Spanish group said Friday.

Financial details were not disclosed.

Repsol said the deal would give it control of 303 Shell service stations in Portugal, along with fuel-selling and storgage operations.

The transaction will also enable Repsol to become third largest oil sector operator in Portugal, with 417 service stations and a 19 percent share of that market. read more

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Shell says Watts pay-off does not rule out legal action

Reuters.com: Shell says Watts pay-off does not rule out legal action

Fri 25 June, 2004

LONDON (Reuters) – Royal Dutch/Shell’s pay-off agreement for sacked former chairman Phil Watts does not indicate that it has ruled out legal action against him, a spokesman says.

Asked if the announcement earlier in the day of a one million pound settlement meant the company SHELL had decided not to sue its disgraced boss, a spokesman said on Friday, “We cannot speculate on the outcome and implications of external investigations.”

He was referring to investigations that are under way by a number of national regulators, including the U.S. Securities and Exchange Commission and Department of Justice. They are probing the company’s overoptimistic reserves bookings which came to light this year. Watts’ was fired in March for his part in the affair. read more

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Shell to give Watts £1m pay-out

Financial Times: Shell to give Watts £1m pay-out

By Gordon Smith and Sundeep Tucker in London

Published: June 25 2004 12:08 | Last Updated: June 25 2004 12:55

Sir Philip Watts, the former chairman of Royal Dutch/Shell who resigned earlier this year after it was revealed the oil group misbooked 20 per cent of its reserves, will receive a £1m ($1.8m) severance payment, Europe’s largest oil group said on Friday.

The £1,057,971 lump sum pay-out is based on the salary the former chairman would have received up to his retirement date of June 2005. read more

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BBC News: Ex-Shell chief gets £1m pay-off

BBC News: Ex-Shell chief gets £1m pay-off

25 June 04

Former Shell chairman Sir Philip Watts who stood down after the firm’s oil reserves estimates were dramatically cut has received a £1m ($1.8m) pay-off. Shareholders were highly critical of Sir Philip who headed exploration and production at the time when most of the reserves in question were booked.

Sir Philip was not awarded a performance-related annual bonus for 2003 or 2004, Shell said.

The sum was based on his wage until his June 2005 retirement date.

‘Loss of confidence’ read more

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Shell Pays Former Chairman Philip Watts Nearly $2 Million in Lump Sum Severance Payment

ABC.News.com: Shell Pays Former Chairman Philip Watts Nearly $2 Million in Lump Sum Severance Payment

The Associated Press

LONDON June 25, 2004 — 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

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London Evening Standard: SHAMED

London Evening Standard: SHAMED

“Shell chairman Sir Philip Watts has secured a pay-off worth more than £1m in cash plus stock options potentially worth £6m more”

James Rossiter,

25 June 2004

OUSTED Shell chairman Sir Philip Watts has secured a pay-off worth more than £1m in cash plus stock options potentially worth £6m more at current share values.

The huge pay-off, just months after he admitted the oil and gas giant had vastly overstated its levels of proven reserves going back five years, has already sparked anger among shareholder and corporate governance activists.

Watts resigned on 3 March but takes home £1,057,971 in cash, equivalent to 15 months’ pay up to his planned retirement date of June 2005, and is still sitting on more than 2.8m stock options. He has the right to cash in £114,237 of those options now and is in the money on more than half of the rest – worth some £6m at the current share price – which he is allowed to cash in at various points until March 2009. read more

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The Times: Shell hires veteran as new chief of finance

The Times: Shell hires veteran as new chief of finance

By Ingrid Mansell

June 25, 2004

SHELL plugged the final hole in its top management yesterday by appointing a 20-year company veteran to replace its ousted finance director.

Peter Voser, who worked for Shell from 1982 to 2002, will rejoin the oil major in October, following a two and a half year stint as chief financial officer of ABB. He is widely credited with turning round the Swiss engineering group.

Analysts said Mr Voser’s most pressing task at Shell would be a “City charm offensive” to restore investor confidence in the company’s management. The boardroom was cleared out after it emerged that the group had massively overstated its oil and gas reserves. read more

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Market welcomes return of Shell boss

Daily Telegraph: Market welcomes return of Shell boss

By David Litterick (Filed: 25/06/2004)

Shell brought back a veteran executive of 20 years’ experience yesterday to replace ousted finance director Judy Boynton and help it recover from recent scandals.

The oil giant appointed Peter Voser to the finance role, more than two years after he left the company to help turn around ABB as the engineers’ finance director.

The 45-year-old Swiss will join on October 4 and help to rebuild confidence in the group, which is still reeling from the news that it over-booked its oil and gas reserves. read more

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The Independent: Shell appointment

The Independent: Shell appointment

25 June 04

The appointment of Peter Voser to succeed the ousted Judy Boynton as Shell’s new finance chief drew a predictable howl of derision from all the usual suspects yesterday. This is because Mr Voser was a Shell lifer before his brief two years with ABB in Switzerland, making Shell vulnerable to the claim that it sill hasn’t taken on board the need for root and branch change despite the disasters of the last six months.

Nothing could be further from the truth. Mr Voser only left Shell after being passed over for the top finance job in favour of Ms Boynton, who was an acolyte of Sir Philip Watts. Indeed, it is possible to imagine that had the cool headed and accessible Mr Voser got the job, the reserving débâcle may never have happened, or rather it would have been gripped at a much earlier stage. read more

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Shell hires new finance director after reserves scandal

The Independent: Shell hires new finance director after reserves scandal

By Michael Harrison, Business Editor

25 June 2004

Shell moved yesterday to fill the gap at finance director level caused by the scandal over its mis-reporting of oil reserves by appointing a senior executive from the Swiss engineering giant ABB to the post.

Peter Voser, chief financial officer at ABB, will take up his job at Shell in October and will also join the oil company’s committee of managing directors – in effect its executive board. Mr Voser, 45, spent 20 years with Shell, leaving in 2002 after he was beaten to the job of finance director by Judy Boynton who was brought in from the US film and camera company Polaroid. Mr Voser is now replacing Ms Boynton who was forced to step down two months ago because of the lax internal controls within Shell, which resulted in it overstating its proven oil and gas reserves by 4.5 billion barrels or 25 per cent. read more

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The Guardian: Shell veteran returns to fold

The Guardian: Shell veteran returns to fold

Mark Milner

Friday June 25, 2004

Shell has brought back one of its old boys as it rebuilds a top management team devastated by scandal over oil reserves.

The Anglo-Dutch group has recruited Peter Voser, a Shell veteran of 20 years, who has spent the last two years helping engineering group ABB to rebuild its balance sheet.

He will take over as chief financial officer of Royal Dutch-Shell and will be a member of its committee of managing directors in early October. He will also become a director of Shell Transport and Trading, the British arm of the Anglo-Dutch group. read more

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Voser goes

Financial Times: Voser goes

Jun 25, 2004

Jürgen Dormann wasted no time reaching for the phone yesterday to quash rumours that Peter Voser was quitting ABB because of being passed over for the chief executive’s job earlier this year.

The slot relinquished by Dormann, who remains chairman of the Swiss- Swedish engineering group, went in February to Sulzer’s Fred Kindle. Dormann said Voser, an affable 45-year-old Swiss returning to Royal Dutch/Shell after two years, had not put his name forward for the ABB post.

Linking the two events “makes no sense”, said Dormann – although Observer’s man behind the cuckoo clock hears Voser wouldn’t have minded being asked. read more

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Head-butts have a place in struggle for reform

Financial Times: Head-butts have a place in struggle for reform

By Martin Dickson

Jun 25, 2004

How do you make a reluctant schoolboy stop dragging his feet? In the old days, a slap round the head was deemed an effective stimulus. Political correctness now demands more subtle forms of encouragement.

Institutional investors seem to be combining old and new in their attempts to get Royal Dutch/Shell to embrace genuine corporate governance reforms. The large UK institutions prefer to talk quietly behind the scenes. Calpers and Knight Vinke Asset Management, two powerful US funds, are not averse to more full-frontal aggression. read more

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Coming home

Financial Times: Coming home

By Martin Dickson

Jun 25, 2004

Yesterday’s appointment of Peter Voser as Royal Dutch/Shell’s finance director, in place of the ousted Judith Boynton, might be seen as encouraging on the reform front, or not, depending on your mood.

Mr Voser, who spent 20 years at Royal Dutch/Shell before moving to ABB two years ago, is an insider – not exactly an example of the fresh blood at the top that some would like to see. On the plus side, he is well respected in the City for the job he has done turning around ABB. His experience there should have given him some external perspective on Royal Dutch/ Shell’s problems, while knowing the company of old will help him hit the ground running. All in all, it looks a positive appointment. read more

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Voser returns to Shell to do the impossible

Financial Times: Voser returns to Shell to do the impossible

By Haig Simonian

Jun 25, 2004

Peter Voser seems such an obvious choice as Shell’s new chief financial officer it was surprising that no one had mentioned him earlier.

Mr Voser, a 45 year old Swiss citizen, spent virtually all his career at the Anglo/ Dutch oil group before breaking off in 2002 to join ABB, the Swiss/Swedish engineering company.

In two-and-a-half years at ABB, Mr Voser – who studied business administration at Zurich’s University of Applied Sciences – has earned a glittering reputation as a finance chief. He was instrumental in restoring ABB’s credibility among bankers, analysts and investors. read more

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Shell urged to bring investors into review

Financial Times: Shell urged to bring investors into review

By Sundeep Tucker and James Boxell in London

Jun 25, 2004

Two powerful shareholders in Royal Dutch/Shell have raised the temperature ahead of Monday’s annual meetings by calling on the company to include investor representatives on the committee that is reviewing its governance and structure.

The demand is contained in a letter, seen by the Financial Times, sent to Shell this week detailing fresh concerns about the review process.

It comes as the oil giant yesterday announced the appointment of Peter Voser, a former Shell accountant, as its chief financial officer. He joins from ABB, the Swiss engineering group, where he is finance director. Mr Voser replaces Judy Boynton, who was dismissed in April. read more

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GSPC May Buy LNG From Shell ‘s Project In W India-Official

The Wall Street Journal: GSPC May Buy LNG From Shell ‘s Project In W India-Official

DOW JONES NEWSWIRES

June 25, 2004 11:08 a.m.

NEW DELHI — India’s Gujarat State Petroleum Corp., or GSPC, is in talks with Shell India Ltd. to buy liquefied natural gas from Shell ‘s 5 million metric ton a year new LNG import terminal at Hazira in the western state of Gujarat.

A senior official with the oil and natural gas exploration and production company said late Friday that price talks were underway. “Hopefully, we will be able to finalize a deal soon,” he said.

The official declined to say how much LNG GSPC wants from Shell India and at what price. read more

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Eni Drops Bid For Shell ‘s Iberian Gas Stations – Source

The Wall Street Journal: Eni Drops Bid For Shell ‘s Iberian Gas Stations – Source

DOW JONES NEWSWIRES

June 25, 2004 11:33 a.m.

Posted 26 June 04

ROME — Italian oil and gas company Eni SpA (E) won’t bid for Royal Dutch/Shell Group’s (RD, SC) petrol stations in the Iberian peninsula, a person familiar with the situation said Friday.

The decision was made after the company was informed by press agencies that its Anglo-Dutch rival had clinched a separate deal to sell its Portuguese petrol stations to Spain’s Repsol YPF (REP), the person said.

“We’ve learned from press reports that part of Shell’s assets in the Iberian peninsula were sold. Therefore, we are not interested in a deal any more,” the person said. read more

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Reuters: Watchdog lawyer sues Shell over reserves

Reuters: Watchdog lawyer sues Shell over reserves

Fri 25 June, 2004

By Joseph A. Giannone

NEW YORK (Reuters) – The army of lawyers swarming around Royal Dutch/Shell Group, which touched off a collapse in its stock price after it admitted inflating proved reserves, has been joined by a new, veteran member.

Securities lawyer William Lerach, famed for playing a lead role in many of the biggest shareholder class action suits of the past two decades, on Friday filed a shareholder derivative lawsuit against Shell and its top executives in a New Jersey state court. read more

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London Evening Standard: Shell ‘has lied for 10 years’

London Evening Standard: Shell ‘has lied for 10 years’

James Rossiter,

25 June 2004

Reposted 26 June 04

EMBATTLED oil giant Shell has been dealt another blow with the filing of a new multi-billion dollar US class action against dozens of directors.

The action accuses the company of falsifying its reserves for almost 10 years and demands that ‘insiders’ who benefited must be brought to book.

Today’s filing is also the first lawsuit in the Shell saga to accuse auditors KPMG and PricewaterhouseCoopers of negligence and malpractice.

The firm has admitted four times since January that it overstated the amount of oil and gas on its books, That has resulted in it reducing its proven reserves by 4.5bn barrels, or 22% of the total. read more

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The Guardian: Shell appoints new finance director

The Guardian: Shell appoints new finance director

Thursday June 24, 2004

Oil giant Shell today announced the appointment of a new finance director as it seeks to recover from the debacle over the booking of oil reserves.

Shell has recruited Peter Voser, the current finance head of Asea Brown Boveri (ABB), the Swiss engineering group. He will replace Judy Boynton, who quit Shell’s finance job in April after the company admitted in January that it had overstated its oil reserves.

Shell has been forced to restate its reserves four times this year to the consternation of its shareholders. Besides Ms Boynton, the chairman, Philip Watts, and oil and gas chief, Walter van de Vijver, have also been forced out. read more

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