Royal Dutch Shell Group .com Rotating Header Image

Posts on ‘July 15th, 2004’

Financial Times: Mudlark: It’s a Shell of a tale

Financial Times: Mudlark: It’s a Shell of a tale

“some shareholders have asked what Moody-Stuart, who remains a non-executive director at Shell, was doing while the reserves debacle was unfolding.”

By Clay Harris

15 July 2004

Just when you thought no more surprises could emerge from Royal Dutch/Shell, there comes a curious tale.

According to whispers that have emerged in recent days, Walter van de Vijver, deposed head of exploration and production, was mulling the possibility of a move to Shell’s global rival, BP.

An incriminating message, it is said, was found in his Shell e-mail account after he was sacked in March. Could he even have had ambitions to succeed Lord Browne?

That would be rather odd. Before his downfall, van de Vijver was seen at Shell as having farther to rise; he was a frontrunner eventually to succeed Sir Philip Watts, who also lost his job 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

CNW.ca: Growing strong… Shell Environmental Fund contributes $400,000

CNW.ca: Growing strong… Shell Environmental Fund contributes $400,000

15 July 04

CALGARY, July 14 /CNW/ – The Shell Environmental Fund (SEF) recently granted nearly $400,000 to help community and environmental groups begin action-oriented projects that improve or protect the Canadian environment.

The SEF’s five regional panels made the grants at review meetings held across the country in June.

Region Amount granted

British Columbia/Yukon $32,200

Prairies/NWT $60,640

Ontario $83,740

Quebec/Nunavut $121,258

Atlantic $92,508

Total $390,346

First launched in 1990, the SEF marked a major milestone at year-end 2003 when the program reached the $10 million mark in total grants. After a short hiatus for the Company to review the success of the program, the SEF was relaunched on Earth Day, 2004 with a new logo – $10 million and growing. 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: Energy policy attacked

The Guardian: Energy policy attacked

Terry Macalister

Thursday July 15, 2004

The government could fall 40% short of its target of ensuring that a tenth of Britain’s electricity is generated by renewable energy sources by 2010, according to a scathing report by a House of Lords body published today.

The science and technology committee, chaired by Shell Transport chairman Lord Oxburgh, said it could not avoid the conclusion “that the government are not taking energy problems sufficiently seriously”.

It deplored the minimal sums of public cash going into research and development of renewable energy sources, pointing out that they were less than a twentieth of that spent in the US. 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 Independent: Government’s green energy strategy under fire from peers

The Independent: Government’s green energy strategy under fire from peers

“The chairman of Shell attacked the Government’s green energy strategy yesterday”

By Michael Harrison, Business Editor

15 July 2004

The chairman of Shell attacked the Government’s green energy strategy yesterday, accusing it of placing too much faith in onshore wind and doing too little to encourage long-term investment in other forms of renewable power.

Speaking in his capacity as chairman of the Lords Science and Technology Committee, Lord Oxburgh, the chairman of Shell Transport & Trading, also said the Government would miss its target for producing 10 per cent of electricity from renewable sources by 2010. 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: Shell Shock 9.50pm, BBC2 15 July 2004

The Guardian: Shell Shock 9.50pm, BBC2 15 July 2004 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: BP should consider the ‘mother of all mergers’ with Shell

The Guardian: BP should consider the ‘mother of all mergers’ with Shell

”Many Shell shareholders are antagonised by the slow speed with which the board is looking at reforms and many of its board members are discredited by previous failures.”

Terry Macalister

Thursday July 15, 2004

Global crude prices were back over the $40 a barrel mark yesterday amid reports of a doubling of activity in the UK North Sea, previously dubbed by sceptics the Dead Sea.

Sky-high prices have encouraged firms to spend more on exploration and development but not on merger and acquisition activity, partly because of strong equity values.

An interesting time, then, for a respected oil and gas expert to propose “the mother of all mergers” – a tie-up between BP and Shell. 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

Moody-Stuart talks

Financial Times: Moody-Stuart talks: ‘said yesterday he felt “a sense of responsibility” for what had happened’

By Clay Harris

Jul 15, 2004

It was with a delicious sense of irony that Sir Mark Moody-Stuart, former head of Royal Dutch/Shell, yesterday lectured attendees at a Chatham House conference on corporate citizenship about the need for strong governance.

Moody-Stuart, in charge at the Dutch-UK energy group at a time when its oil reserves were being overbooked, was specifically addressing the “absolutely vital” need for sound governance in developing countries. He later said Shell’s drive to improve its own, less-than-spotless governance record at head office would provide a useful blueprint for operations in countries such as Nigeria. 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 tipped to merge UK and Dutch parents

The Times: Shell tipped to merge UK and Dutch parents

“Shell is under intense pressure to streamline its complex board structure after the reserves misreporting scandal”

By Carl Mortished, International Business Editor

July 14, 2004

Posted 15 July 04

SPECULATION mounted last night that Shell is considering making radical changes to its corporate structure, including a possible merger of its Dutch and British holding companies.

The embattled oil group yesterday appointed a US investment bank, Citicorp, and a British merchant bank, NM Rothschild, to advise it on improvements to its structure and corporate governance.

Shell is under intense pressure to streamline its complex board structure after the reserves misreporting scandal in January. The company was then criticised for having a management structure that lacked accountability and had poor oversight by the nonexecutive directors of Shell Transport and Trading, the UK holding company, and the supervisory board of Royal Dutch Petroleum. 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 SHOCK: BBC Two, 9.50pm 15 July 2004

The Times: SHELL SHOCK: BBC Two, 9.50pm 15 July 2004

“I am becoming sick and tired,” he wrote, “of lying about the extent of our reserves.”

15 July 2004

A clear and merciless indictment of Shell, a company that prided itself on being a safe investment for widows and orphans.

In the late 1990s, BP and Exxon expanded through acquisition, leaving Shell lagging behind. Sir Philip Watts, head of exploration and production at the time, was determined to restore the company’s pre-eminence. Its proven reserves were exaggerated by 4.5 billion barrels.

When Sir Philip became chairman, his successor, Walter van de Vijver, was appalled and fired off numerous warnings. “I am becoming sick and tired,” he wrote, “of lying about the extent of our reserves.” 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 TV: Oil giant Shell’s investors shocked

BBC TV: Oil giant Shell’s investors shocked

“that’s fraud in the United States and the Justice Department will have a basis for criminally prosecuting the executives”

By Terry Messenger

BBC Money Programme

15 July 2004

Investors found they could not trust in Shell after all.

Peter Montagnon, head of investment affairs at the Association of British Insurers (ABI), is an unflappable man. But on 9 January this year, he was shocked. In his world, the unthinkable had happened.

In the City of London, Royal Dutch/Shell was seen as the safest of havens for money invested by insurance companies and pension funds – which typically belong to the ABI.

They invest money belonging to millions of ordinary people with small savings, pension plans and insurance policies. 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

Outside auditors warned on Shell reserves

Reuters: Outside auditors warned on Shell reserves

“documents… indicate problems were flagged repeatedly to a wider circle of senior executives and board members than previously disclosed”

Thu 15 July, 2004 09:12

NEW YORK (Reuters) – An internal auditor at Royal Dutch/Shell notified the oil company’s outside auditors of potential problems with reserves bookings about two years before Shell disclosed it had overstated its holdings, says The Wall Street Journal.

The warnings to affiliates of KPMG International and PricewaterhouseCoopers International were contained in Shell documents reviewed by the newspaper, the Journal said on Thursday.

Royal Dutch Shell the world’s third-largest oil company, stunned investors in January with news it had overbooked oil and gas reserves by 20 percent. 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

London Evening Standard: Shell alarm two years before scandal

London Evening Standard: Shell alarm two years before scandal

“SHELL’S external auditors were warned the oil giant was inflating its energy reserves two years before the company finally came clean”

Robert Lea,

15 July 2004

SHELL’S external auditors were warned the oil giant was inflating its energy reserves two years before the company finally came clean, it has emerged.

The revelation, in internal Shell documents that also suggest the over-reporting of oil and gas finds could be linked to the group’s executive bonus scheme, puts the spotlight back on KPMG and PricewaterhouseCoopers. The group’s auditors were recently named in potential legal actions by US shareholders.

It has emerged that Shell’s chief internal reserves auditor, Anton Barendregt, circulated documents seen by the auditors in January 2002 and again 12 months later saying there was a danger the group’s stated reserves could be inflated. 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

Bloomberg.com: Shell Outside Auditors Knew of Reserve Issues in 2002, WSJ Says

Bloomberg.com: Shell Outside Auditors Knew of Reserve Issues in 2002, WSJ Says

July 15 (Bloomberg) — Outside auditors for Royal Dutch/Shell Group, Europe’s second-largest oil company, learned of possible problems with energy-reserves accounting about two years before the company revealed that it had greatly overstated its holdings, the Wall Street Journal said, citing Shell documents.

The papers suggest that reserve problems were more widely known than the company has revealed so far, the Journal said. Shell announced in January this year that it had to reduce its proven reserves, a measure of an oil company’s value, by 23 percent, leading to regulatory probes and executive resignations. 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 Wall Street Journal: Royal Dutch/Shell

The Wall Street Journal: Royal Dutch/Shell

“There has so far been very little transparency about these issues.”

15 July 04

Royal Dutch/Shell Group is finding it harder to ignore cries for change to its corporate-governance practices. The Anglo-Dutch oil and gas giant has added two investment banks to the team looking at the options, beefing up expectations that Shell might do the unthinkable and unpick its 100-year-old double-headed structure.

But what exactly does that mean? Should Shell merge its two separately listed companies, one Dutch and the other English? Or should it keep the companies and simply merge its boards? What about its listings? 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’s Outside Auditors Got Warning on Reserves in 2002

The Wall Street Journal: Shell’s Outside Auditors Got Warning on Reserves in 2002

“The documents also suggest that some potential reserves problems at Shell were much more widely known and discussed — both internally and by external advisers — than the company has so far disclosed.”

By CHIP CUMMINS

Staff Reporter of THE WALL STREET JOURNAL

July 15, 2004; Page A3

LONDON — An internal Royal Dutch/Shell Group auditor alerted the company’s outside auditors to potential problems with energy-reserves bookings, including the possibility that the company’s bonus system may have encouraged the inflation of reserves, about two years before the petroleum giant disclosed it had massively overstated its holdings.

The warnings to affiliates of KPMG International and PricewaterhouseCoopers International Ltd., contained in Shell documents reviewed by The Wall Street Journal, provide the first look at the role played by outside accountants in the Shell reserves saga. The documents also suggest that some potential reserves problems at Shell were much more widely known and discussed — both internally and by external advisers — than the company has so far disclosed. 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
%d bloggers like this: