The Age (Australia): Shake up on menu at Royal Dutch/Shell
February 11, 2004
Royal Dutch/Shell began a series of key meetings with shareholders at the UBS London office this week over their calls to change the Anglo-Dutch company's corporate structure.
Chairman Sir Philip Watts is hosting lunches to hear investors' concerns.
Major shareholders want a change of board structure after the oil giant overstated proven oil reserves by 25 per cent.
Sir Philip plans to meet 35 per cent of shareholders over the next three to four weeks.
Shell expects the theme at the lunches to be the same - that it should unify the board and appoint an independent chairman and chief executive.
Sir Philip is to step down in June next year, but the shock reassessment of reserves prompted several major shareholders to demand he go earlier.
Some want a completion of the 1907 merger that created the dual corporate company.