Royal Dutch Shell Group .com Rotating Header Image

Posts on ‘August 28th, 2004’

Daily Mail: Alarm at former Shell chiefs’ options

Daily Mail: Alarm at former Shell chiefs’ options

“Pirc says Watts could make £3.1m if the shares reach 552p”: “Regulators are still investigating those believed to have had a role in the company’s reserves scandal.”

27 August 2004

Posted 28 August 04

OVERNANCE watchdog Pirc has given Shell investors something else to worry about after warning that ousted bosses Sir Philip Watts and Walter van de Vijver could collect hefty option gains on top of their massive pay-offs.

Pirc says Watts could make £3.1m if the shares reach 552p – below their 637p peak in 2001. Any option gains for Watts would be on top of his £1.05m pay-off and £584,000 pension. Shell shares rose 3 1/4p to 399 3/4p.

Van de Vijver needs a 70% share rise to put all his options in the money. Pirc says they would then be worth £3.6m, on top of his £2.57m pay-off and £260,000 pension. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

The Guardian: He’s no Hector

The Guardian: He’s no Hector

David Varney, executive chairman of Revenue and Customs: “Varney admits to being “very concerned” about seeing Shell immersed in a reserves scandal.”

Terry Macalister

Saturday August 28, 2004

David Varney is not anybody’s idea of a typical taxman, but from next week he will become the top public face of both the Inland Revenue and of the Customs people who search your car at Dover.

The state-educated south Londoner could not be further removed from bowler-hatted cartoon character Hector the Tax Inspector, who used to exhort us to get our end of year forms in. Relaxed and chirpy, the bearded 58-year-old is willing to comment on pretty much anything – including troubled Shell, where he worked for 28 years and is still viewed by some as a potential chairman. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Buoyant E&P sector

Financial Times: Buoyant E&P sector

“Shell has a particular problem at the moment. It is running out of oil in the ground and has lost a chairman and faced public humiliation following surprise cuts in its oil reserve estimates earlier this year.”

Posted 28 August 04

From Antrim Energy, through Cairn Energy and Paladin Resources, to Tullow Oil and Venture Production, the 20 oil and gas exploration and production companies that represent about 97 per cent of the sector by capitalisation have increased in value by an average of about 70 per cent this year.

And the superlatives do not stop there. Canaccord Capital analyst Charlie Sharp points out that the E&P (exploration and production) index has outperformed the FTSE All-Share consistently over the past five years. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell-shocked

Financial Times: Shell-shocked

“Shell was found to have “announced false or misleading reserves and reserves replacement ratios throughout the period 1998 to 2003″…: “three heads have rolled… other people in key positions during that time remain. They include Jeroen van der Veer… and Sir Mark Moody-Stuart”

By Jane Fuller

Published: August 28 2004 0

Speaking of oil companies, Royal Dutch/Shell endured another pasting from regulators this week.

We already knew it had been fined $120m by the US Securities and Exchange Commission and £17m by the Financial Services Authority for market abuse. But we had not been treated to the full reasons.

Shell was found to have “announced false or misleading reserves and reserves replacement ratios throughout the period 1998 to 2003”. While three heads have rolled for covering up or failing to act on this problem, other people in key positions during that time remain. They include Jeroen van der Veer, newly installed as chairman of the committee of managing directors, who has been an MD since 1997; and Sir Mark Moody-Stuart, who preceded the departed Phil Watts as chairman of the CMD and is still a non-executive director. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

FSA’s report accuses Shell of market abuse

The Times: That was the week: “FSA’s report accuses Shell of market abuse by announcing false oil reserves between 1998 and 2003, implicating several major executives in the scandal, including Sir Mark Moody-Stuart”

August 28, 2004

The Financial Services Authority says that the misreporting of a quarter of Shell’s oil and gas reserves was part of an attempt over several years to boost its poor exploration performance.

The FSA’s report accuses Shell of market abuse by announcing false oil reserves between 1998 and 2003, implicating several major executives in the scandal, including Sir Mark Moody-Stuart, former chairman of Shell’s committee of managing directors.

The FSA imposes a £17 million fine, the largest in its history, for misconduct amounting to market abuse. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

The landslide bringing down Shell grandees

FROM OUR AUGUST 2004 SHELL NEWS ARCHIVE

The Daily Telegraph: The landslide bringing down Shell grandees

The SEC and FSA reports, however, go back to the previous regime, when Sir Mark Moody-Stuart was chairman.”: Even Shell fell for the “group bonding” mumbo-jumbo, and he was videoed stumbling blindfold around head office during one such session, talking of his desire to “encourage the creativity of people” around him. He seems to have succeeded.”

(Filed: 28/08/2004)

The Securities & Exchange Commission has announced its intention to pin the reserves scandal on individuals, writes James Moore

The Shell Show, a tragicomedy in an unlimited number of parts, featured a powerful double act this week.

On Tuesday America’s Securities and Exchange Commission and the Financial Services Authority both gave the company a good kicking for wrongly booking billions of barrels of oil and gas reserves as “proven”.

Now Harold Degenhardt, the director of the Securities & Exchange Commission’s office in Fort Worth, Texas, is hard at work on the sequel. “What people need to focus on is that companies only act through people,” he says. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.
%d bloggers like this: