The Guardian (UK): Shell urged to bring in auditors: “One of the largest US pension funds has called on Shell to commit to annual external audits of its oil and gas reserves.” (ShellNews.net) 10 Nov 04
Wednesday November 10, 2004
One of the largest US pension funds has called on Shell to commit to annual external audits of its oil and gas reserves.
The call from California Public Employees' Retirement System (Calpers) follows Shell's disclosure last month that it may have to downgrade a further 900m barrels of proved reserves. In January it slashed reserves estimates leading to a drop in its shares and the sacking of several senior managers.
Calpers, backed by smaller US investment firm Knight Vinke Asset Management, said external audits would boost confidence in Shell.
A spokeswoman for Knight Vinke said the kind of independent reviews Shell currently conducts are less useful for investors because they rely on Shell's data.
Shell said it was committed to adherence to US accounting principles but declined to comment on the Calpers proposal.