Pension funds sue Shell brass, seek policy changes

In a move that could indirectly impact a number of companies, two US-based pension funds filed suit in late June against 27 directors and officers of the Royal Dutch/Shell Group and their accounting and audit firms PricewaterhouseCoopers International and KPMG International.The action followed financial losses and scandal associated with Shell's cutting its proved oil and natural gas reserves four times since Jan. 9 for a total downgrade of 4.47 billion boe for 2002 reserves—23% of its proved reserves as stated Dec. 31, 2002—and 500 million boe for 2003. Some analysts contend the Shell revisions point to an underlying industry-wide problem in reserves booking that many com...

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