Summary
WHEN the Royal Dutch/Shell group astonished markets and investors on January 9, suddenly slashing estimates of its proven reserves by nearly a fifth (3.9 billion barrels), chairman Sir Philip Watts assured his 115,000 staff around the globe by e-mail that he remained "committed to the full resolution of this issue as soon as possible".
As Shell's share price plunged 7%, Watts took most of the ensuing flak for failing to turn up to announce the shock revision personally. Less than a month later, on February 5, Watts did show for Shell's annual results.See the full content of this document
Extract
Seismic Shift Leaves Chairman Wondering Watts It All About
But first he delivered a fulsome, unqualified apology for getting the announcement of the reserves downgrade so disastrously wrong. "It was a mistake. I am sorry," he said.
Such an act of public contrition could not have come easi...See the full content of this document
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