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Enron

Jessica Uhl, tainted by Enron, a huge risk IMHO


from an old EP hand:
 

Another american woman. I do not know her, she must be very clever. But Shell has not had a lot of luck with senior american women. Do I need to mention the Cook woman? Or the Boynton woman?

And as a total outsider, I must observe that this Uhl woman is a bit tainted. She worked for Enron in the top years of all the scandals and in a very senior position.

We now know that the people working in Enron in that period might be the cleverest in the business, but not the most ethical ones. And for a finance director only the highest ethical standards should apply. A huge risk IMHO. read more

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Shell’s CFO Pick Leaves Most Analysts Asking Simply ‘Who?’

by Rakteem Katakey: 15 December 2016, 16:47 GMT

Royal Dutch Shell Plc’s appointment of Jessica Uhl as finance chief on Thursday posed one simple question for many of the analysts who follow Europe’s largest oil company: “Who?”

The 48-year-old U.S. citizen, currently head of finance for Shell’s Integrated Gas unit — a key cash cow since this year’s acquisition of BG Group Plc — will take over from Simon Henry in March. Having been at the oil major for 12 years, exclusively in finance, she has “in-depth knowledge” to execute its cash-generation plans, according to Shell. read more

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.

A word in your Shell-like

Screen Shot 2013-01-23 at 13.17.19FROM OUR FEBRUARY 2005 SHELL NEWS ARCHIVE: “…we learned last year that the company leadership had been systematically lying to itself, its shareholders and wider stakeholders about the size of its oil reserves.”: “for years Shell lied about its sustainability as a business while preaching principles that it was betraying.”: “Shell had knowingly overstated its reserves by a third, a monumental betrayal of trust that is Europe’s version of Enron.”

By John Donovan

We have printed below a brilliant Will Hutton article published by The Observer on Sunday 6 February 2005. As he correctly says, this was a company that was lying to itself. No wonder Sir Philip Watts is seeking redemption.

The Observer: A word in your Shell-like

By Will Hutton: Sunday February 6, 2005

There’s nothing wrong with making profits. But we deserve a more sophisticated debate about sharing them

There is nothing like the news of one of Britain’s biggest companies making record profits to bring out all our ambiguities about capitalism in general and profit in particular. The left’s traditional mistrust of corporate money-making still casts a long shadow and even capitalists are uncertain how to respond when their profits are booming. read more

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.

Signs of failure of the Royal Dutch Shell Empire?

Screen Shot 2013-02-07 at 19.02.31The problem is when the corruption stems from the boardroom as witnessed by the lead up to the Shell reserves crisis and the protracted cover-up of the Shell Touch F*** All scandal, all is lost.  You only have to look at recent history of how organisations fail due to internal corruption of essential controls by the men in suits in the Boardroom.  Enron, the banking system on both sides of the pond, the current crisis in the NHS are just a few examples. 

COMMENT BY BILL CAMPBELL, RETIRED HSE GROUP AUDITOR, SHELL INTERNATIONAL

The myth of governance

Many pages exist explaining the need for the Shell organisation to have effective governance over its worldwide operations if it hopes to meet its stated objectives across the business.  The governance process is owned by the Board, executive and non executive.  By having essential management controls in place is the fundamental safeguard to meeting objectives including compliance with the applicable laws in the regions in which Shell operate.

The problem is when the corruption stems from the boardroom as witnessed by the lead up to the Shell reserves crisis and the protracted cover-up of the Shell Touch F*** All scandal, all is lost.  You only have to look at recent history of how organisations fail due to internal corruption of essential controls by the men in suits in the Boardroom.  Enron, the banking system on both sides of the pond, the current crisis in the NHS are just a few examples.   read more

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.

Hakluyt, Enron, and Shell

By John Donovan

Information herein is sourced from Wikipedia articles relating to:

(1) Hakluyt – the British private intelligence agency, “…staffed almost entirely by ex-intelligence [services] staff”, according to a 2006 report in The Times[1]

(2) Shell, the oil giant notorious for a massive securities fraud when it swindled its shareholders. The company is closely associated with Hakluyt.

(3) Enron, a corrupt energy company based in Houston, Texas that went bankrupt as a result of committing institutionalized, systematic and well-planned accounting fraud. read more

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.

Enron was populated by a host of former Shell USA managers

POSTING BY AN OUTSPOKEN FORMER EMPLOYEE OF SHELL OIL USA

Saw your article on Enron and Shell.

FYI Enron was populated by a host of former Shell USA managers who were let go by Shell in the early 1990’s as part of Shell USA’s reorganization and downsizing program (Shell USA had finally managed to manage the company into a serious financial problem with a host of bad decisions).

So, it comes as no surprise to anyone familiar with the two organizations that RD Shell had it own financial scandal a few years later. The reserves scandal at Shell was a long time in coming but the ‘problem’ was known about internally for many, many years. Shell USA knew it had a credibility issue with its reserve bookings in the mid-1980’s. read more

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.

Shell is very different from Enron

Shell is very different from Enron. We were criticized for that some time ago and I’m glad we have a absolutely rock-solid way we do business. And, if you read our annual report, you read our footnotes and all the details, everything is in there. It’s all completely transparent, as far as Shell is concerned.

Sir Phillip Watts, Group Chairman, Royal Dutch Shell Group

By John Donovan

During a Bloomberg interview in 2002, with the then Group Chairman of Royal Dutch Shell, Sir Phillip Watts, reference was made to the core Royal Dutch Shell business principle of complete transparency. read more

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.

Asians fail to join class action claims

According to Goal, almost $12bn in settlements, to which shareholders were entitled, was not reclaimed through class actions from 2000 to 2007. The list includes settlements against Enron, Worldcom, Parmalat and Royal Dutch Shell.

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.

Time is ripe for greater public control of the oil industry in Europe

But, as we have seen, the pursuit of personal reward by top executives, driven by a pursuit of profit above everything else, can lead to disaster – as it has in the banking sector and as it did for Enron and very nearly for Shell as well at the time of its “reserves crisis” a few years ago.

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.

When Corporations Spy

The Sunday Times reported in 2001 that Hakluyt hired Manfred Schlickenrieder, a German foreign intelligence operative tasked by the firm to spy on Greenpeace at the behest of oil giants BP and Shell.

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.

European frauds such as Vivendi, Royal Dutch Shell and Parmalat demonstrated that corporate scandals were not confined to the US.

Post-Enron, post-Shell, post-WorldCom, post-Parmalat, the collective knickers of the business world are in a twist about ethics, and rightly so.

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.

Diluting SEC security rules a last-ditch push by appointees of President Bush

The regulatory changes are on the agenda of Christopher Cox, chairman of the Securities and Exchange Commission. But critics say the changes appear to be a last-ditch push by appointees of President Bush to dilute securities rules passed after the collapse of Enron and other large companies — measures that were meant to forestall accounting gimmicks and corrupt practices that led to those corporate failures.

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.

Senate Takes Step On Energy Oversight

Federal regulators would have greater oversight of energy markets as part of the massive farm bill passed by the Senate Thursday. Traders cited the move to close the so-called Enron Loophole -- one of several measures Congress is considering to damp speculative trading in oil -- as a factor behind turbulent trading in the oil markets Thursday.

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.

Shell Won’t Face Criminal Charges In Reserves Probe

THE WALL STREET JOURNAL: Shell Won’t Face Criminal Charges In Reserves Probe

Thursday 30 June 2005

By KARA SCANNELL

Staff Reporter of THE WALL STREET JOURNAL

June 30, 2005; Page B2

Federal prosecutors said they won’t criminally charge Royal Dutch/Shell Group in a probe of its overstatement of energy reserves, citing the oil titan’s cooperation.

“Because Shell has cooperated fully with the government’s investigation, has implemented substantial remedial efforts to enhance its reserves reporting and compliance, and has paid a $120 million civil penalty to the [Securities and Exchange Commission], the public interest has been sufficiently vindicated,” David Kelley, U.S. attorney for the Southern District of New York, said in a statement yesterday. “Moreover, criminal prosecution would likely have a severe and unintended disproportionate economic impact upon thousands of innocent Shell employees.” read more

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.

Shell’s suit: Shell chief upbeat about future

THE SUNDAY TELEGRAPH: Shell’s suit: Shell chief upbeat about future

Sunday 12 June 2005

Shell unveiled the ghastly concept of the “Trilemma Triangle” last week, a bit of pseudo-intellectual property developed by an internal team that does little else but generate socio-economic babble. In other words, the business is not yet quite back to basics.

That said, the ambition of Jeroen van der Veer – Shell’s chief executive, whom I saw last week – is more transparent. It is captured in four easy-to-understand words: “More Upstream, Profitable Downstream (MUPD)”. read more

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.

Shell focus switches to security

THE TIMES: Shell focus switches to security

7 July 2005

By Peter Klinger

SECURITY threats are to supplant technological advances as the key consideration driving strategy in Royal Dutch Shell over the next 20 years.

Jeroen van der Veer, chief executive of the Anglo-Dutch group, said that national security and trust in the marketplace were the key issues that needed to be addressed as part of planning to 2025.

He said: “Western societies now look to the state more than in recent decades to lead the restoration of physical security and market integrity. This brings into sharper focus the power of the state to regulate and to coerce, in a role involving both the direct intervention to fight terrorism and police the market, and a more general emphasis on transparency, disclosure and good governance.” read more

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.

Fired Shell CEO gets big severance

East Texas Review: Fired Shell CEO gets big severance

“Shell had been cooking its books Enron-style, claiming to own way more oil reserves than it actually has.”: “Thieves In High Places”

By Jim Hightower/Special to ETR

Posted 10 Sept 04

Getting fired is one of the sourest experiences you can have – unless, of course, you’re the head honcho of a major corporation. Far from being sour, getting booted from the top suite can be a mighty sweet experience.

Take the recent case of Sir Philip B. Watts, the former chairman of Shell Oil, which is based in London. He became known to many as Sir Philip the Finagler after it was discovered in an internal investigation that, on his watch, Shell had been cooking its books Enron-style, claiming to own way more oil reserves than it actually has. Thanks to this illegal accounting, the company now faces several investigations, major fines, and class-action lawsuits. read more

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.

Post-Enron, post-Shell, post-WorldCom, post-Parmalat

TELLSHELL: Comment by former Shell geologist Dr John Huong on the Financial Times article: Governance: Managers look for the moral dimension: “Post-Enron, post-Shell, post-WorldCom, post-Parmalat”

“Reflections on the Essay By Mr Thomas Stewart on Corporate Governance and the morals at workplace environment

By Dr John Huong

Posted 1 September 2004

Thank you Mr Thomas Stewart for your excellent article on an important subject; it is appended below. I congratulate you for transforming the life of your former work colleague mentioned in your essay; a transformation which also benefited his family. It demonstrates the positive impact a few encouraging words can have on a work colleague (or indeed a family member or a friend). It is a fine example we should all remember. read more

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 – Conflict is not the only way

Financial Times: Conflict is not the only way: “When managers begin managing the company for themselves rather than for shareholders, conflict breaks out.”

By Morgen Witzel

Published: August 13 2004

Every business hasto deal with the views and demands of groups outside the organisation. Ultimately, businesses are part of society, and have to take account of society’s views. As businesses grow, their profile increases and they become better known, and this in turn leads to still greater external pressures.

The most important external group with which managers must deal are their own shareholders. Managers have a legal and moral duty to manage the company well and earn profits for this group. When managers begin managing the company for themselves rather than for shareholders, conflict breaks out. read more

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.

Pulse TC.com: Firing Shell’s Chairman?

Pulse TC.com: Firing Shell’s Chairman? “Sir Philip the Finagler after it was discovered in an internal investigation that, on his watch, Shell had been cooking its books Enron-style”

Wednesday 11 August @ 18:12:34

by Jim Hightower

Posted 12 August 04

Getting fired is one of the sourest experiences you can have – unless, of course, you’re the head honcho of a major corporation. Far from sour, getting booted from the top suite can be a mighty sweet experience.

Take the recent case of Sir Philip B. Watts, the former chairman of Shell Oil, which is based in London. He became known to many as Sir Philip the Finagler after it was discovered in an internal investigation that, on his watch, Shell had been cooking its books Enron-style, claiming to own way more oil reserves than it actually has. Thanks to this illegal accounting, the company now faces several investigations, major fines, and class-action lawsuits. read more

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.