London Evening Standard: Boynton quits Shell with £1m-plus: JUDY Boynton, former chief finance officer at Shell, today finally quit the company with a pay-off and pension package of more than £1m despite her role in the oil reserves scandal.: “Watts received a £1.05m pay-off and £10m pension pot while van de Vijver received a £2.5m pay-off.” (ShellNews.net) Posted 8 Jan 05
7 January 2005
JUDY Boynton, former chief finance officer at Shell, today finally quit the company with a pay-off and pension package of more than £1m despite her role in the oil reserves scandal.
She also walks away with share options in the money to the tune of £588,200.
The pay-off created more bitter feeling among Shell investors, who have repeatedly questioned why it has taken so long for the 50-year-old to leave the company since quitting the board in April.
While former chairman Sir Philip Watts and exploration chief-turned-whistleblower Walter van de Vijver both resigned and left immediately, Boynton was retained as an adviser on full pay. She drew £302,000 in salary until today walking away with a £521,945 severance pay-off and a £513,691 pension lump sum.
The inquiry into the scandal partially exonerated her, saying: 'It may be that her responsibility exceeded her authority.' But there were still damaging findings-such as her inclusion in a de Vijver email memo in 2002 in which he questioned how long the market could be 'fooled' by Shell's performance claims.
She took 'virtually no action' to inquire into the aggressive bookings despite being on the committee at which they were discussed, the investigation found.
Watts received a £1.05m pay-off and £10m pension pot while van de Vijver received a £2.5m pay-off.