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Shell AGM

Shell Blog Posting: Once a greedy pig, always a greedy pig.

Posting by “Guest”

Once a greedy pig, always a greedy pig. The top of Shell (and this top is now broad and deep) knows no shame anymore. And you know: gorillas breed gorillas, so what will greedy pigs breed? Where are the days of van Wachem? Loyalty, professionalism, hard work and fair pay. And the norms were decency and honesty, the system corrected or weeded out the bad apples. Now it stimulates these bad apples.

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Shell-shocked shareholders finally rebel over bonuses

The behaviour of Shell's remuneration committee was outrageous

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Royal Dutch Shell Plc suffers a stunning rebuke at its AGM

THE WALL STREET JOURNAL

Shell Investors Revolt Over Executive Pay Plan

MAY 20, 2009

By GUY CHAZAN and JOANN S. LUBLIN

Royal Dutch Shell PLC, Europe’s largest oil company, suffered a stunning rebuke Tuesday when investors shot down its executive-compensation plan, in the latest display of shareholder anger over big paychecks and boardroom excesses amid the economic crisis.

[Shell Annual Meeting]Getty Images  

Royal Dutch Shell’s board is pictured during a shareholders meeting in The Hague, with (from left) Chief Financial Officer Peter Voser, Chief Executive Jeroen van der Veer and Chairman Jorma Ollilla. read more

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Investors rebel over executive pay at Shell

A global investor backlash over executive pay escalated yesterday when shareholders turned on Royal Dutch Shell and voted against its executive pay plan.

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Investors take aim after Shell takes them for granted

John Kerr wasn't offered a final cigarette, but there was a moment yesterday when the former diplomat, chainsmoker and Royal Dutch Shell director looked to be facing the firing squad.

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Tide of opinion turns against Shell

As Martin Simons, a British retail investor who spoke to the meeting in The Hague via video link from London, put it: "What really troubles me about the board is you have not had the nous to realise the general public concern about the behaviour of large companies. The gravy train has got to stop."

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Oil titan shaken by investor rebellion over pay

Daily Mail

By SAM FLEMING
Last updated at 12:15 AM on 20th May 2009

Royal Dutch Shell’s directors were yesterday shaken by an unprecedented and humiliating defeat at the hands of their shareholders.

In the biggest City rebellion on record, 61 per cent of the oil titan’s investors either voted outright to reject Shell’s 2008 pay packages or withheld their votes.

A number of major institutional shareholders took the unusual step of attending the fractious Annual General Meeting to register their fury in person. read more

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Royal Dutch Shell’s pay committee bears brunt of anger

Investors in Royal Dutch Shell rejected the company’s executive pay plan yesterday and, in a resounding defeat for the oil group’s board, called for the pay-setting committee to resign.

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Jeremy Warner: Investors vent fury at Shell

The Independent

Wednesday, 20 May 2009

Outlook 

With all the focus on the excesses of bankers, other corporations must have thought it possible to get away with big pay packages to senior executives largely unnoticed. Yesterday’s protest vote by shareholders in Royal Dutch Shell provides a timely reminder that executive excess remains an issue wherever it lurks. Shareholders have rightly given their board a bloody nose. It is outrageous that such sums should be paid for doing little more than riding the boom in oil prices while so many are being asked to make sacrifices. read more

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Shell investors attack its executives over pay

The Independent

By Nick Clark

Wednesday, 20 May 2009

Investors in Royal Dutch Shell turned on the oil company’s management yesterday, with almost 60 per cent voting against planned remuneration packages for executives. However, the group said it intended to award the payouts anyway.

The board of directors faced angry shareholders at the group’s annual general meeting in the Hague yesterday, which was also beamed live to British investors who gathered at the Barbican Centre in London.

Shareholders are furious that Shell plans to award bonuses this year, even though the company missed its self-imposed performance targets. In an electronic ballot yesterday, 59.42 per cent of shareholders voted against the remuneration report. In a similar move a month ago, a third of BP shareholders voted against their board’s proposed remuneration package. read more

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ALEX BRUMMER COMMENT: Standard riposte to greed

Daily Mail

By ALEX BRUMMER 
Last updated at 11:39 PM on 19th May 2009

If Shell had thought that holding its annual meeting in the Hague would keep dissident shareholders away it will be bitterly disappointed.

The blue-chip oil company suffered one of the most humiliating defeats over pay policy since shareholders forced GlaxoSmithKline into a rethink of Jean-Pierre Garnier’s remuneration package in 2003.

Those present were treated to a neat confrontation between two people with plain single-syllable British names: Jubb and Job. read more

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Shell directors suffered a resounding defeat today…

May 19, 2009

Shell investors vote down directors’ pay deals

Catherine Boyle, Robin Pagnamenta

Directors of Shell suffered a resounding defeat today as shareholders revolted against their pay packages.

There were gasps at the annual meeting when investors holding about 60 per cent of the shares in the company voted against the oil group’s pay policy in one of the biggest victories for shareholders on a corporate governance issue.

Jorma Ollila, the chairman of Shell, said: “We are taking this very seriously and we will be meeting with shareholders to take the right decisions.”

Under a three-year incentive scheme agreed in 2005, directors would have earned up to 200 per cent of their salaries in shares if the company had outperformed three of its peers. However, even though Shell ended in fourth place, directors decided to exercise their discretion and allow some of the award. read more

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Royal Dutch Shell shareholders outraged at Remuneration Committee

Reuters

Majority of Shell investors vote against pay plans

Tue May 19, 2009 10:20am EDT

* 59.42 pct of investors vote against pay report

* Shareholders outraged at Remuneration Committee

* Shell says to reflect carefully on advisory vote (Recasts with shareholders rejecting pay plan)

By Catherine Hornby

THE HAGUE, May 19 (Reuters) – Three fifths of Royal Dutch Shell (RDSa.L) investors opposed the oil major’s executive pay plan at its annual meeting on Tuesday, after several advisory groups had raised concerns about the scheme.

The advisory vote followed gruelling questioning of Shell’s Remuneration Committee from angry shareholders at the AGM due to its decision to exercise discretion and award managers bonuses despite the company’s failure to meet pre-set targets. read more

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The gravy train has got to stop

Shareholders voted against approving the executive pay policies of Royal Dutch Shell on Tuesday, giving the energy company a clear signal it had not done enough to address remuneration concerns that dominated proceedings at its annual meeting for a second year.

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Shell shareholders vote down board’s pay

Daily Telegraph: Royal Dutch Shell has had its remuneration package voted down after a fiery annual general meeting.

By Graham Ruddick

Published: 3:07PM BST 19 May 2009

The board of Royal Dutch Shell during a stockholders meeting in The Hague, with (L-R) CFO Peter Voser, CEO Jeroen van der Veer and Chairman of the Board Jorma Ollilla.      The board of Royal Dutch Shell during a stockholders meeting in The Hague, with (L-R) CFO Peter Voser, CEO Jeroen van der Veer and Chairman of the Board Jorma Ollilla.

 

A total of 59pc of shareholders voted against the pay deal at meetings in the Hague and London, which saw the board criticised by a number of angry investors. A number of paper votes are still to be counted but they are unlikely to change the outcome of the vote.

Shareholders accused the oil giant’s board of board of being in “cloud cuckoo land” after some bonuses were paid despite the company missing its target of finishing third in a group of five rival businesses. read more

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Shell and Next face investor anger over pay

At Shell, investors are concerned that the remuneration committee has "moved the goalposts" and agreed awards even though the necessary performance targets have not been met. One, the Co-op, has said it will oppose the re-election of Lord Kerr of Kinlochard, who sits on the remuneration committee.

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Shell to face shareholder anger at annual meeting as Co-op criticises pay policies

May 18, 2009

Royal Dutch Shell chief executive Jeroen van der Veer

Royal Dutch Shell chief executive Jeroen van der Veer

Shareholders in Royal Dutch Shell have increased the pressure on the Anglo-Dutch oil and gas group to reconsider its pay policy as a second institutional investor promised to vote against the directors’ remuneration report at tomorrow’s annual meeting.

Co-operative Asset Management, the ethically styled investment division of the Co-op, is the latest to voice its disapproval of Shell’s decision to hand share awards to directors who missed key performance targets. read more

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Shell faces investor fury over pay, pollution and human rights

guardian.co.uk home

Annual meeting will face an outcry from shareholders and campaigners over boardroom bonuses and pollution record

  • guardian.co.uk, Sunday 17 May 2009 19.36 BST
Flames from a Shell flow station in Nigeria's Delta 

Women dry tapioca beside flames from Shell’s Utorogu flow station in Otu Jerenmi in Nigeria’s Niger Delta. Campaigners want gas flaring to stop. Photograph: George Esiri/Reuters

Shell will come under fire from shareholders and environmentalists on Tuesday over executive pay, polluting gas flaring and alleged human rights abuses in Nigeria.

The annual general meeting in London will see a rebellion from investors angry that the board has used its discretion to award bonuses despite the company’s failure to meet pre-set targets. read more

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Angry investors to question Shell over payout plans

Bosses at oil major Royal Dutch Shell are facing a challenging meeting with investors on Tuesday when recent pay awards are likely to come under scrutiny.

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Co-op Asset Management rebels against Shell, Next fat cat bonuses

Daily Mail

By RUPERT STEINER
Last updated at 9:58 PM on 15th May 2009

Shell storm: Cooperative Asset Management says Shell ignored its own rules on payouts

One of the City’s most influential institutional investors is leading a rebellion over fat cat bonuses at Royal Dutch Shell and Next.

Co-operative Asset Management is so unhappy it has broken the Square Mile’s code of silence to publicly rebuke Shell.

It plans to try to block the re-election of remuneration committee member-Lord Kerr, to highlight the Anglo-Dutch oil giant’s intransigence over pay.

The Co-op’s corporate governance expert Abigail Herron said: ‘It is now time for members of the remuneration committee to be called to account.’ read more

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Pirc asking investors to oppose remuneration report at Shell

Pirc is asking investors to oppose the remuneration report at Shell, the Anglo-Dutch oil and gas group, that made share awards to directors who missed a performance target. Shell has its annual meeting next week.

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Message is muted

Financial Times (Letters): Message is muted

“A show of hands at annual meetings on controversial matters such as soaring director remuneration linked with indifferent performances conveys a clear message to boards that is blunted in its absence.”: “… a view that was forcibly expressed at recent annual meetings of BOC and Shell Transport and Trading.”

Saturday 13 August 2005

By Martin E Simons

From Mr Martin E. Simons.

Sir, A show of hands at annual meetings on controversial matters such as soaring director remuneration linked with indifferent performances conveys a clear message to boards that is blunted in its absence. That is particularly so if proceedings are reported by the Financial Times.

It is a significant retrospective step to do away with polls, a view that was forcibly expressed at recent annual meetings of BOC and Shell Transport and Trading. In the absence of a poll shareholders will have a “do-it-yourself” poll, as happened at the last Abbey National annual meeting. Such procedures undermine the standing of directors. read more

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Shell may have found innovative way of curbing difficult questions at investor meetings

London Evening Standard: CITY SPY: “STRANGE and sinister story in Real IR magazine. It seems Shell may have found an innovative way of curbing difficult questions at investor meetings.” Posted Wednesday 27 July 2005 read more

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LETTERS TO THE EDITOR: AGMs provide a platform for all

FINANCIAL TIMES: LETTERS TO THE EDITOR: AGMs provide a platform for all

By Alexander Trotter

Published: July 5 2005

From Mr Alexander Trotter.

Sir, Sir Mark Moody-Stuart’s letter (June 30), questioning the independence of people offered trips to attend annual meetings, is pertinent and highlights his concerns about the corporate governance aspects of shareholders organising into “membership organisations”, with questioning being dominated by one such organisation. Obviously no comparison should be made between Friends of the Earth and those larger institutional investors that join together in order better to promote their interest as shareholders. read more

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LETTERS TO THE EDITOR: Joe Shell’s good reputation is important to pensioners

FINANCIAL TIMES: LETTERS TO THE EDITOR: Joe Shell’s good reputation is important to pensioners

“…which of the founders of the Royal Dutch/Shell Group in 1907 – Marcus Samuel and Henri Deterding – might be turning in his grave at the decisions just taken in London and The Hague…”

Thursday 5 July 2005

By Neville Beale

From Mr Neville Beale.

Sir, In your articles about the last annual meeting of Shell Transport and Trading, you report me as “a small . . . investor” asking which of the founders of the Royal Dutch/Shell Group in 1907 – Marcus Samuel and Henri Deterding – might be turning in his grave at the decisions just taken in London and The Hague (“Dutch uncles worry as oil group unites”, June 29).

However, I was also speaking as a former employee for some 30 years. read more

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No longer just shareholders who have their say

Financial Times: Letters: No longer just shareholders who have their say

Friday 1 July 2005

By Tony Juniper
From Mr Tony Juniper.

Sir, Once again Shell seems to have got its facts wrong (Letters, June 30). Friends of the Earth did not pay for community representatives to travel to this year’s Shell annual meeting as Sir Mark Moody-Stuart claims.

Perhaps if he, and others from Shell, were to spend more time talking to and meeting people in the communities where they work, then these people would not feel the need to attend the AGMs.

Because stakeholders are not listened to by Shell or by other big companies, their options for making their concerns known are limited. That is why it is time the UK government amended company law to ensure that affected communities are given rights and it is no longer just shareholders who have their say. read more

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The passing of national champions

Financial Times: The passing of national champions

“Senior figures from the company even had to approach Queen Beatrix of the Netherlands, to gain her royal assent for the move. It is believed to be the first time the Dutch royal monicker has been applied to a UK-listed company.”

Wednesday 29 June 2005

By Thomas Catan, James Boxell and Ian Bickerton

In a historic vote on Tuesday, Royal Dutch/Shell shareholders bade farewell to a century of history, approving a plan to scrap the UK and Dutch parents of the group in favour of a single, unified company.

The vote had been locked-up with the aid of large investors ahead of Tuesday’s annual general meetings in London and Scheveningen. But the vote did not proceed before a handful of elderly investors in both meetings raised their objections to the passing of what they see as their national champions. read more

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Royal birth

Financial Times: Observer: Royal birth

“It was not only a newborn Royal Dutch Shell that those in The Hague welcomed yesterday.”:

Wednesday 29 June 2005

Published: June 29 2005

It was not only a newborn Royal Dutch Shell that those in The Hague welcomed yesterday.

Down the road from the theatre where Royal Dutch shareholders bid farewell to a century of dual-headed governance by unifying their company with Shell, its British arm, the House of Orange – the most famous Shell investor – was registering the name of its own new arrival.

With Shell’s listing going to London, Alexia, born at the weekend and third in line to the throne, joins sister Amalia and father Alex, the crown prince, in ensuring the survival of at least one triple-A establishment in the Netherlands. read more

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It doesn’t add up

Financial Times: Observer: It doesn’t add up

“Even the commemorative mug given to shareholders as they left the meeting was a collector’s item of inaccuracy. Shell Transport and Trading’s lifetime was given as 1907-2005. In fact, it was born in 1897.”

Wednesday 29 June 2005

Published: June 29 2005

Shell demonstrated an admirable candour by including two of its reserves restatements in the illustrated display about the company’s meeting at the annual meeting.

Other parts of the timeline, alas, were chronologically challenged. The Wright Brothers’ first flight was attributed to 1900, three years too early. And the date of the alliance with Royal Dutch was shown as 1904, when it actually took place in 1907. read more

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Lloyds List: Unified Shell group gives greater growth potential

Lloyds List: Unified Shell group gives greater growth potential

“Royal Dutch Shell is set to be reborn on July 20″

Wednesday 29 June 2005

Shareholders of Shell and Royal Dutch Petroleum approve joint structure, writes Martyn Wingrove

SHAREHOLDERS of Shell and Royal Dutch Petroleum approved plans to unify the corporate structure of the group, ending almost a century of duel ownership and creating a GBP120bn ($220bn) company.

Royal Dutch Shell is set to be reborn on July 20, when shares in the combined group will be issued on the London stock exchange, giving Shell a stronger position for organic growth and acquisitions. read more

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Daily Telegraph: Shell’s unification puts funds firmly in the ‘buy’ camp

Daily Telegraph (UK): Shell’s unification puts funds firmly in the ‘buy’ camp

Wednesday 29 June 2005

Market report

By Caroline Muspratt (Filed: 29/06/2005)

The decision by Anglo-Dutch oil giant Shell to unify its dual structure sent waves through the stock market as traders said funds would have to buy into the stock to adjust the weighting of their portfolio.

Dealers also said the simplified structure would allow Shell to offer paper rather than cash for potential acquisitions. They singled out BG Group and Spain’s Repsol as possible targets. Shell gained 17 to 545p, helping the FTSE 100 rise 46.9 to 5090.4. BG rose 18¼ to 472p, while high oil prices also helped Shell’s rival BP gain 11 to 595p. In the FTSE 250, Soco International rose 34½ to 605p as the oil and gas group reported the successful testing of a well in Yemen. read more

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Daily Telegraph (UK): Shell’s London dungeon

Daily Telegraph (UK): Shell’s London dungeon

Wednesday 29 June 2005

City diary

Edited by Sophie Brodie (Filed: 29/06/2005)

Shell’s three and a half hour long session (one agm, one court meeting and an egm), which consigned its Transport and Trading arm to history, seemed too much for Lord Oxburgh. At one point, he introduced non-exec Sir Peter Job as Sir Peter Burt. Job grumbles: “He ought to know me by now.”

Meanwhile, next’s year’s agm is unlikely to be held in the stifling Exel Centre in the Docklands. First Oxburgh complained he couldn’t hear a shareholder over the din of a plane taking off at nearby City airport. Then another non-exec, Lord Kerr, said he hoped the next meeting wouldn’t be held in “this ghastly dungeon”. Everyone agreed. read more

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Shell makes historic leap to unified structure, but will it do any good? It’s a tough call

The Independent (UK): Jeremy Warner’s Outlook: Shell makes historic leap to unified structure, but will it do any good? It’s a tough call

Wednesday 29 June 2005

Shareholders duly voted through proposals to get rid of Shell’s dual domicile and capital structure yesterday, but if you can fully get your head around the supposedly simpler structure that’s replacing it, then you are a better man than me. For many shareholders, it looks as if one form of complexity has only been replaced by another, while a minority – admittedly smallish – is seriously disadvantaged by the changes.

The genesis of these reforms lie one and a half years ago in the revelation that Shell, up until then a presumed model of corporate rectitude and good behaviour, had been deliberately exaggerating its disclosed reserves. read more

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Shell merger poses new risk

Financial Times: Shell merger poses new risk

Tuesday 28 June 2005

By Paul Betts

Royal Dutch/Shell is expected to approve on Tuesday a corporate revolution by merging its two separately quoted arms into a single company headquartered in the Netherlands with its primary listing in London.

This is likely to double the Anglo-Dutch major’s weighting in the FTSE 100 index. In so doing, it will concentrate further the index of the UK’s leading 100 companies around a handful of big caps, reflecting a growing European trend contrasting with Wall Street and Tokyo. read more

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UK holdings of Shell far too low

Financial Times: UK holdings of Shell far too low

Tuesday 28 June 2005

By Tony Tassell, Tom Catan, Ian Bickerton, James Boxell and Sundeep Tucker,

UK institutional shareholders still need to buy billions of pounds worth of shares in Shell to pump up their exposure to the oil major following its planned merger with Royal Dutch.

Holdings are far below what would be required to match the enlarged market weighting of a combined Royal Dutch Shell.

The merger has to be approved by Shell and Royal Dutch shareholders at their annual meetings today. It is widely seen as the potential trigger for one of the biggest shake-ups of the London market since Vodafone took over German rival Mannesmann in 2000. read more

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Record gas discovery in India could hit projects

The Times (UK): Record gas discovery in India could hit projects

June 28, 2005

By Carl Mortishead, International Business Editor

INDIA has claimed its biggest gas discovery, a deposit in the Bay of Bengal that could double the country’s gas production and bring into question major projects to import liquefied natural gas into the country.

Gujarat State Petroleum Corporation (GSPC), a state-owned enterprise, said that it had found 20 trillion cubic feet of gas in the Krishna Godavari Basin, an area offshore of Andhra Pradesh state in the southeast of the sub-continent. read more

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Shareholders Set to OK Shell Unification (AP)

Schaeffers Research, Ohio: Shareholders Set to OK Shell Unification (AP)

28 June 2005

By ANTHONY DEUTSCH Associated Press Writer

THE HAGUE, Netherlands

Shareholders are expected to approve the merger of the Anglo-Dutch parent companies of Royal Dutch/Shell on Tuesday, ending a century-old dual corporate structure at the world’s third largest oil producer.

Shell announced the plans along with its third quarter earnings on Oct. 28. The announcement came amid a scandal over the repeated downgrading of its strategic oil reserves, which form the backbone of its business. read more

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BLOOMBERG: Shell Investors to Approve Merger, Making Purchases Easier

BLOOMBERG: Shell Investors to Approve Merger, Making Purchases Easier

Monday 27 June 2005

June 27 (Bloomberg) — Shareholders of Royal Dutch/Shell Group, the third-largest publicly traded oil producer, are set to back a merger of its Dutch and British parent companies, ending a century-old dual ownership structure that has hindered takeovers.

Investors including Craig Pennington, head energy analyst at Schroders Plc in London, which holds more than 2 percent of Shell’s U.K. shares, said they back the combination, to be voted on at meetings in London and The Hague tomorrow. Shareholders will receive stock in Royal Dutch Shell Plc in place of current holdings in Royal Dutch Petroleum Co., which owned 60 percent of the group, and Shell Transport & Trading Co., which held the rest. read more

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FTSE dominance beckons for oil and gas

THE BUSINESS: FTSE dominance beckons for oil and gas

Sunday 26 June 2005

By: Richard Orange

THE oil and gas sector is set to depose the financial sector as the most valuable on London’s FTSE index within months of Royal Dutch Petroleum merging with Shell Transport and Trading on July 20.

Shareholders meet on Tuesday to vote on whether to merge the two companies, setting in motion a process that index analysts expect to lead to the first change in the top FTSE sector since banks jumped in front of telecoms as the technology bubble burst in 2000.

It will be the first time the oil and gas sector has been dominant, as measured by today’s FTSE classifications, since it held thrall in the 1980s. read more

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Yahoo! News: Shell shareholders prepare to vote on historic merger

Yahoo! News: Shell shareholders prepare to vote on historic merger

Sunday 26 June 2005

LONDON (AFP) – Royal Dutch/Shell shareholders will vote Tuesday on historic plans to merge the oil giant’s two holding companies following an internal crisis caused by the overestimation of proved energy reserves.

At separate annual general meetings in The Hague and London, shareholders were expected to end nearly a century of tradition by backing an overhaul of the group’s corporate governance structures via unification of Royal Dutch Petroleum and the British arm Shell Transport and Trading. read more

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The Observer: Exploration chief under fire in new-look Shell

The Observer: Exploration chief under fire in new-look Shell

Sunday June 26, 2005

Oliver Morgan

Malcom Brinded, head of Shell’s exploration and production division, will come under growing pressure from investors as the dual-listed company prepares for an historic merger of its UK and Dutch arms.

Investors meeting in London and The Hague this week will point to Shell’s lacklustre performance in securing major new production, including the failure to secure the rights to develop oilfields in Oman and Abu Dhabi, and the absence of a clear plan to replace reserves that were downgraded last year. read more

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Shell Survives Shareholder Rebellion

Planet Ark: Shell Survives Shareholder Rebellion

“Not only has Shell been overstating its oil reserves, it has exaggerated its social and environmental performance too”

UK: June 30, 2004

THE HAGUE/LONDON – Embattled oil giant Royal Dutch/Shell survived a shareholder rebellion this week, but not before almost 40 percent of its Dutch stock was voted against key resolutions at the annual general meeting.

Investors gathered in The Hague were asked to agree that Royal Dutch managing directors and its supervisory board “be discharged of responsibility in respect of their management for the year 2003.”

Usually such a vote would be carried almost unanimously, but Monday’s vote saw only 60 percent in favor. Shareholders at a twin meeting in London also showed their disapproval of the disastrous year of reserves downgrades and high-level executive firings. Almost 10 percent of Shell stock was voted against approving executive pay for the year. read more

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Toronto Star: Oil giant’s brass beg for pardon and time

Toronto Star: Oil giant’s brass beg for pardon and time: Contrition expressed at Royal Dutch/Shell: Reserve-booking fiasco stays at centre stage

Jun. 29, 2004.

LONDON—Royal Dutch/Shell Group’s top brass, chastened by this year’s reserves-booking fiasco, have begged shareholders for forgiveness and time to revamp the Anglo-Dutch oil giant.

At twin annual general meetings yesterday in The Hague and London, board members of the parent companies, Royal Dutch Petroleum Co. and Shell Transport & Trading Co., were pressed by both the usual coterie of individual shareholders and an uncommonly large number of institutional investors who have been chafing for structural change and greater openness from the oil giant. read more

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Shell’s game

Financial Times: Shell’s game

By Clay Harris

Jun 29, 2004

Perhaps the most surprising vote at Shell’s annual meeting came on the question used to test the electronic voting system. Should Sol Campbell’s apparent headed winner in England’s match against Portugal have been allowed to stand? Some 58 per cent of the Shell shareholders voting said the Swiss referee was right to disallow it.

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Score of Shell

Financial Times: Score of Shell

Jun 29, 2004

The main theatre in the Dutch seaside resort of Scheveningen had on offer the Disney musical The Lion King. But Royal Dutch/Shell shareholders who attended yesterday’s delayed annual meeting there were treated to a rather less uplifting performance, as directors of the embattled oil giant struggled to answer some of their more critical comments.

Still, as in all good shows, the script had been carefully written ahead of time. The refrain took the form of proxy votes of approval, which management had gathered beforehand. read more

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Reuters.co.uk: Shell survives shareholder rebellion

Reuters.co.uk: Shell survives shareholder rebellion

Mon 28 June, 2004 14:32

THE HAGUE/LONDON (Reuters) – Royal Dutch/Shell has survived a shareholder rebellion, but not before investors representing almost 40 percent of its Dutch stock voted against a key resolution in The Hague.

The rebellion was over a resolution asking shareholders to agree that the managing directors and the supervisory board of the firm “be discharged of responsibility in respect of their management for the year 2003.”

Shareholders at a twin Annual General Meeting (AGM) in London on Monday also showed their disapproval of the company’s disastrous year of reserves downgrades and management sackings, with a 10 percent vote against the group’s executive remuneration package. read more

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Lively meetings

Financial Times: Lively meetings

By John Plender

Published: June 28 2004 5:00 | Last Updated: June 28 2004 5:00

People have long worried about the unsatisfactory nature of annual meetings and debated what to do about it. Yet today’s Royal Dutch/Shell meetings will probably demonstrate that there is still some life in this much maligned principal-agent get-together.

Even big institutions are proposing to turn up to vent their anger at Shell’s perceived arrogance and sorry governance. It suggests that the AGM is best seen as a default mechanism. When dialogue between institutional shareholders and management has broken down, the meeting can revert to its true function of providing a forum for shareholders to hold management to account. 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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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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