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Judy Boynton

The Guardian: Apologetic Shell promises culture change

The Guardian: Apologetic Shell promises culture change

David Gow

Saturday May 29, 2004

Shell’s long-delayed annual report – a 125-page document riddled with apologies and admissions of blame – was finally made public yesterday.

Jeroen van der Veer, Shell’s new chairman, promised radical cultural change within the oil group as it confirmed that it had paid no bonuses last year to his predecessor or other executives in the wake of the reserves debacle.

The report, published after a two-month delay, said Sir Philip Watts, who was ousted as chairman in March, had seen his pay almost halved last year because of the 23% downgrade in the group’s reserves.
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BBC News: Disgraced Shell bosses lose bonus

BBC News: Disgraced Shell bosses lose bonus

Posted 29 May 04

  

Sir Phillip Watts lost his bonus while the oil reserves row was at its height.

 

Disgraced Shell bosses have lost their bonuses, following the scandal over oil and gas reserves.

 

In its annual report, already delayed by months, the oil giant also states that two of the three directors who were sacked have no right to a pay-off.

 

Shell shocked investors when it announced it had overstated reserves by 20% and has made four downgrades. The decision not to pay bonuses appears to be Shell’s attempt to draw a line under the scandal. read more

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Shell boss missed £2m payout

London Evening Standard: Shell boss missed £2m payout

Steve Hawkes,

28 May 2004

SIR Philip Watts missed out on almost £2m of lucrative stock options* and incentives in his final year at Shell.

But details of a pay-off for the former chairman are notably absent from the oil giant’s mammoth annual report, published today after a 10-week delay.

A spokesman said severance deals for Watts, former exploration chief Walter van de Vijver and finance director Judy Boynton following Shell’s reserves scandal were being thrashed out.

‘It is still a matter of discussion between the boards and the individuals,’ he said. ‘Once final agreement has been reached, we will provide full disclosure.’
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Shell Annual Report: Co Vows To Regain Trust Of Shareholders

The Wall Street Journal: Shell Annual Report: Co Vows To Regain Trust Of Shareholders

 

DOW JONES NEWSWIRES

May 28, 2004 3:12 a.m.

 

LONDON — Royal Dutch/Shell Group (RD, SC), humbled by a reserves scandal that saw four top executives dismissed, said in its delayed annual report Friday that “rebuilding credibility” and “regaining trust” would be key priorities going forward.

 

But, it also stressed that its core exploration and production and refining and marketing businesses are in good shape and that the company is engaged in several new development projects that augured well for the future. 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 wipes 120m more barrels from reserves

The Scotsman: Shell wipes 120m more barrels from reserves

JIM STANTON
DEPUTY BUSINESS EDITOR
Posted 25 May 04

Key points
• Downward revision is fourth this year
• Firm’s reserves 4.47bn barrels lower than thought
• Company subject of probe by US watchdog

Key quote
“I am assuming this is the final drawing of the line under it [the restatement scandal]” – Brendan Wilders, Oriel Securities analyst

Story in full: CRISIS-HIT oil giant Shell has trimmed a further 120 million barrels from its proven reserves – the fourth revision it has made this year to the figure. read more

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Shell accounts get signed off at last

Financial Times: Shell accounts get signed off at last

By Clay Harris

May 25, 2004

Any embarrassment Royal Dutch/Shell might have felt yesterday at having to go public for the fourth time this year with a new and lower figure for its proved oil and gas reserves was overshadowed by a sense of relief – even elation.

The Anglo-Dutch group’s 2003 accounts were finally signed off with an unqualified opinion by its auditors, and the annual report at long last had gone to the printers.

Even if the timetable was two months behind Shell’s usual financial year, the company had met its revised deadline.
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Business Week: Can Shell Put Out This Oil Fire?

Business Week: Can Shell Put Out This Oil Fire?

“a devastating portrait of Shell as a dysfunctional company”: “The two boards should move quickly to find a successor to the 56-year-old van der Veer, who looks like a caretaker.”

By Stanley Reed (3rd May 2004)

Royal/Dutch Shell Group hopes that by sacking three senior executives and publishing a summary of an investigation by an outside law firm, it can pull the curtain down on the scandal over the downgrading of its reserves. But senior management and the board of the world’s third-largest oil company may be engaging in wishful thinking. So many questions remain that it is difficult to see how a reshuffled management team will be able to improve Shell’s lackluster performance. 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.