THE LONDON TIMES: Need to Know: 2004 in review: “Sir Philip Watts, the former chairman of Royal Dutch/Shell, led a string of departures from the Anglo-Dutch oil giant in the wake of news that it had misclassified some 25 per cent of its oil reserves” (ShellNews.net) 29 Dec 04

December 29, 2004

Sir Philip Watts, the former chairman of Royal Dutch/Shell, led a string of departures from the Anglo-Dutch oil giant in the wake of news that it had misclassified some 25 per cent of its oil reserves. In the process Sir Philip missed out on potential bonuses worth £843,021 and failed to qualify for £752,000 worth of long-term incentives. His departure was followed by those of Judy Boynton, Shell ’s former chief financial officer, and Walter van de Vijver, the company’s former exploration chief.

Jeroen van der Veer stepped into the shoes of Sir Philip Watts in March as the chairman of Shell’s college of managing directors, effectively gaining executive control over the running of the Anglo-Dutch oil group.

Mikhail Khodorkovsky, chief executive of Yukos, the Russian oil giant, spent the year behind bars after President Vladimir Putin decided to clamp down on big business. Mr Khodorkovsky was arrested at gunpoint on a Siberian runway in October 2003 and has been languishing in jail ever since, after tangling with the Russian Government over his outspoken criticism of the Kremlin and his self-declared interest in opposition politics.