Daily Telegraph: Moody’s fears pace of Shell shake-up
“In a letter that confirmed Shell’s Aa1 rating with negative outlook”: “Shell’s competitive positioning in global exploration and production, while formidable, has suffered relative to its high-rated industry peers..”
By Christopher Hope (Filed: 03/08/2004)
Moody’s, the credit reference agency, is worried that changes to Shell’s unwieldy corporate structure could happen too quickly.
The Anglo-Dutch oil giant has pledged to review its structure after announcing that it had 23pc or 4.47 billion fewer barrels of “proven” oil and gas than previously thought. An update by a special steering committee is promised for November.
In a letter that confirmed Shell’s Aa1 rating with negative outlook, Moody’s said: “The negative outlook reflects the uncertainties over timing as well as the scope and direction of governance and legal structural changes to be recommended by the steering committee.
“Management has set an aggressive calendar for announcing the committee’s proposals but execution risk remains a concern for an organisation with over a century of commercial, managerial and cultural traditions tied to Shell’s dual structure.”
Moody’s added that “Shell’s competitive positioning in global exploration and production, while formidable, has suffered relative to its high-rated industry peers with regard to asset life, petroleum reserve replacement and production growth”.
Shell’s shares closed up .25 at 398.75p.
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.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
