FINANCIAL TIMES: Conchology: “Shell Transport and Trading, the UK arm of the Anglo-Dutch oil and gas group, last year chose Rhysota as the shell to feature on the cover of its annual report. Its elegant transparency was perhaps intended to signal the company's new openness after the reserves debacle. Unfortunately, as we noted at the time, the image also resembled liquid going down a plughole.” (ShellNews.net) 2 April 05

By Clay Harris

Published: April 2 2005

Shell Transport and Trading, the UK arm of the Anglo-Dutch oil and gas group, last year chose Rhysota as the shell to feature on the cover of its annual report. Its elegant transparency was perhaps intended to signal the company's new openness after the reserves debacle.

Unfortunately, as we noted at the time, the image also resembled liquid going down a plughole. The previous year, the cover shell was an abalone, whose shiny mother-of-pearl surface was riddled with holes. How prescient that proved to be.

Royal Dutch/Shell's 20-F filing with the US Securities and Exchange Commission this week was adorned with Conus marmoreus (below right). One such marble cone was etched by Rembrandt in 1650. It feeds on molluscs, including other cones. And so the message this time is?

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