Former Shell execs wary of reserves reporting problems

04/26/2004
In a report prepared for its Group Audit Committee (GAC), Royal Dutch/Shell Group outlined how its former top executives knew and argued about a reserves reporting problem for 1 1/2 years before informing the public.In addition, a reserves recategorization review resulted in Shell announcing a total proved reserves reduction of 4.35 billion boe for 2002 and 500 million boe for 2003. This marks the major's third downward oil and natural gas reserves revision this year.Shell also announced Apr. 19 that Group Chief Financial Officer Judith Boynton resigned from that position. She will, however, continue as an employee. Tim Morrison, group controller since July 2002, was appointed acting ...
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