Governance Problems at Royal Dutch/Shell |
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"This is the end of 60:40; we become one company with one share. There is one set of directors, one chief executive, one person who has to take full accountability."1 - Jeroen Van der Veer, Chairman of the Royal Dutch/Shell Group's board of managers. 'Oil Reserves' Scandal
The Securities and Exchange Commission (SEC)6 started an investigation into the overstatement of oil reserves by Shell. In addition, British financial regulators led by the Financial Services Authority also launched an investigation. Recognizing the need to restore investor confidence and the credibility of the company, Shell also appointed Davis, Polk & Wardwell7 to act as an independent counsel to investigate the problem. Governance Problems at Royal Dutch/Shell - Next Page>>
1] Jane Wardell, "Royal Dutch/Shell Unveils Surprise
Merger, rise in 3Q,"www.petroleumnews.com, November 07, 2004.
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