Financial Times: Reserves review forces Shell to postpone AGM: “Shell said on Friday that it had decided to postpone its annual general meeting by two months amid continued disruption caused by the oil giant’s review of its proved oil and gas reserves.”: Because the shareholder documents relating to the reforms must be included in the group’s 2004 financial statements details of the deal will also be postponed.” (ShellNews.net) 26 Nov 04

By Jon Boone

Published: November 26 2004 08:34

Shell said on Friday that it had decided to postpone its annual general meeting by two months amid continued disruption caused by the oil giant’s review of its proved oil and gas reserves.

The company said in a statement that the review into its exaggerated reserves, which shocked investors when the company revealed it had overbooked its oil and gas reserves by 20 per cent, may require the restatement of previous periods.

That in turn, the group said, would mean the group’s financial statements for 2004 may have to be delayed and that it had therefore changed the date of the AGM from April to June 28 2005 in order “to avoid uncertainty for shareholders”.

Europe’s second biggest oil group also said that the complex legal and regulatory work on a proposed restructuring of the company and abolition of its twin board structure was progressing.

Because the shareholder documents relating to the reforms must be included in the group’s 2004 financial statements details of the deal will also be postponed.

Shell said it expected the proposal to be voted on by shareholders at the rescheduled AGM and that the unification would be completed in July.