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Posts on ‘July 14th, 2004’

Shell appoints Malaysian to key posts in China

The Star.com: Shell appoints Malaysian to key posts in China

14 July 2004

SHELL Malaysia has appointed Lim Tau Kien, the company’s corporate treasurer, as chief financial officer, and exploration and production asset finance manager for Shell China.

Director of finance Paul Gerla said in a statement: “China represents a huge integrated portfolio investment and market for the Royal Dutch/Shell Group.

“Lim’s appointment is another significant measure of the confidence and recognition the Shell Group has in Malaysian expertise, talent and diversity in taking on the challenges of operating in an increasingly competitive and global business environment. read more

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The Independent: Shell gets review advice

The Independent: Shell gets review advice

By Michael Harrison

14 July 2004

Royal Dutch/Shell stepped up the review of its much-criticised corporate structure yesterday by hiring financial advisers to help the committee undertaking the work.

Citigroup and NM Rothschild have been appointed to enable the board committee, led by non-executive director Lord Kerr to “deepen” its analysis of the options open to the Anglo-Dutch company.

Shell has already publicly stated that one of these options may be to abandon its dual board structure and switch to a unified board, as other Anglo-Dutch companies have effectively done. read more

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The Guardian: Birthday blues

The Guardian: Birthday blues

Hannah Ellis argues that Britain must help persuade the World Bank to mark its 60th anniversary with reform

Wednesday July 14, 2004

Imagine a bank investing around £30bn a year in the world’s economy with the specific mandate of alleviating poverty and with the potential to invest billions of pounds into public healthcare, education and infrastructure for the world’s poorest people. This is supposed to be the World Bank. It turns 60 next month – but I won’t be sending a birthday card. read more

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The Herald: Banks to help Shell restructure

The Herald: Banks to help Shell restructure

“Shell is still facing a legal investigation into the reserves debacle”

BEN GRIFFITHS July 14 2004

TROUBLED oil giant Shell yesterday appointed City banks Citigroup and NM Rothschild to help it decide on the options for changing the company’s structure and governance.

An internal steering group, set up a month ago, is investigating the scope to simplify Shell’s board and group management structures.

The move follows the Anglo-Dutch company’s humiliating admission it had overbooked oil and gas reserves by 20% which led to the ousting of several senior executives including Sir Philip Watts, the group’s chairman, and sent the share price tumbling. read more

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London Evening Standard: Shell signals big shake-up

London Evening Standard: Shell signals big shake-up

14 July 2004

SHELL has hired investment banks Citigroup and NM Rothschild to advise a structural review chaired by ex-diplomat Lord Kerr.

That gives a boost to hopes that the Anglo-Dutch group is readying itself for radical action, even a merger of its two companies.

Royal Dutch Shell, quoted in the Netherlands, is 60% of the group, London-quoted Shell Transport 40%.

The most radical solution would be a merger. But a Royal Dutch takeover of Shell Transport, which is valued at £39bn, could trigger horrendous tax bills. A nil-premium merger might be a better answer. 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

Speculation mounts that Royal Dutch/Shell is considering radical changes to its corporate structure

The Time: Need to Know: “Speculation mounted that Royal Dutch/Shell is considering radical changes to its corporate structure”

Edited by Joe Bolger

14 July 04

Speculation mounted that Royal Dutch/Shell is considering radical changes to its corporate structure, including a merger of its Dutch and British holding companies.

Separately, the oil group restated its first-quarter net profit from $4.4 billion (£2.4 billion) to $4.7 billion because of changes in the inventory accounting.

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 accounts change brings $226m upgrade

Daily Telegraph: Shell accounts change brings $226m upgrade

“Shell has been plunged into crisis after admitting that it had overstated its “proven” oil and gas reserves by 23pc”

By Christopher Hope (Filed: 14/07/2004)

Shell said yesterday that its first quarter profits should be increased by $226m because of an accounting change brought about by the crisis over the oil and gas giant’s “lost” reserves.

Shell has been plunged into crisis after admitting that it had overstated its “proven” oil and gas reserves by 23pc or 4.47 billion barrels.

The first quarter net income rise to $4.7 billion came after Shell decided to file accounts based on US accounting rules, or GAAP. 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 Guardian: Damaged Shell

The Guardian: Damaged Shell

“Shell wined and dined financial analysts and others who might influence opinion about the stricken oil company”

14 July 04

Last week’s Hampton Court flower show was undoubtedly a splendid venue when Shell wined and dined financial analysts and others who might influence opinion about the stricken oil company.

But while some board members, such as Malcolm Brinded, did a fine job meeting and greeting, his chairman Jeroen van der Veer seemed anxious to get away as quickly as possible.

It was an event of little consequence in the greater scheme of things but a symbol, perhaps, that the Anglo-Dutch company, with a history of poor communication with the outside world, finds it difficult to change, whatever its avowed intentions. 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

Shell picks banks to advise on shake-up

Financial Times: Shell picks banks to advise on shake-up

“more evidence yesterday of its new-found willingness to embrace the outside world”

By Clay Harris

Jul 14, 2004

Royal Dutch/Shell offered more evidence yesterday of its new-found willingness to embrace the outside world by recruiting Citigroup and NM Rothschild to advise on its structural shake-up.

The oil and gas group was criticised fiercely for an inward-looking and unaccountable culture after it was forced to cut its proved oil reserves by more than 20 per cent. It rarely uses external financial advisers – except for transactions – so the appointment is a coup for the two banks. 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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