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THE TIMES (UK): SHELL GOES DUTCH: Two Shell businesses to unite: DUTCH TAKE OVER - THE NEW SHELL; THE NEW BOARD; Job cuts at Shell how the UK has taken the brunt again; The reserves crisis (ShellNews.net)

 

Posted 30 Oct 04 

DUTCH TAKE OVER - THE NEW SHELL

 

* Shell (UK unit) and Royal Dutch (Dutch unit) to merge

* Axes dual-ownership structure after 97 years to form single group, listed in London, HQ in The Hague

* Axes boards of both Shell and Royal Dutch, to form single 15-member board, headed by Dutch CEO Jeroen van der Veer

* 40% of Royal Dutch Shell Plc to be owned by Shell Group shareholders and 60% by Royal Dutch investors

* Dividends to be paid quarterly rather than half yearly

 

THE NEW BOARD

 

Aad Jacobs, chairman (Dutch)

Lord Kerr, deputy chairman (UK)

Jeroen van der Veer, CEO (Dutch)

Peter Voser, finance director (Swiss)

Malcolm Brinded, E&P (UK)

Linda Cook, gas and power (US)

Rob Routs, oil products, chemicals (Dutch)

Maarten van den Bergh, non-executive (Dutch)

Sir Peter Burt, non-executive (UK) 

Mary Henderson, non-executive, (US)

Sir Peter Job, non-executive (UK)

J Wim Kok, non-executive, social responsibility (Dutch)

J Aarnout Loudon, non-executive, remuneration (Dutch)

Christine Morin-Postel, non-executive (Dutch)

S Lawrence Ricciardi, non-executive, audit committee (US)

 

Job cuts at Shell how the UK has taken the brunt again

 

1995

1,200 job cuts London and Hague

 

1997

3,000 cut Europe

 

1998

3,000 cut in Europe.

Dumps Shell Mex building

 

2000

Plans 10,000 cuts to save S4bn

 

2003

399 cuts from North Sea 1,300 cut in Europe, 260 in UK to  restructure E&P

 

2004

1,000 cuts threatened in Nigeria

200 senior UK management positions to go to Hague

 

The reserves crisis

 

Jan 09: Overstates 3.9bn barrels

Mar 18: Writes down 250m barrels and books 220m barrels less than thought for 2003

April 19: Cuts 300m barrels and books 200m less for 2003

May 24: Will book 120m less for 2003   

Oct 28: Reviewing 900m barrels


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