Financial Times: FSA seeks news of Shell trio: The FSA has been investigating Shell since it admitted this year that it had overstated its proved oil and gas reserves by 25 per cent. Shell has already been fined £17m by the FSA for market abuse and breaching listing rules as well as $120m (£61.7m) by the US Securities and Exchange Commission.”: “The City watchdog is seeking details of what three former executives said to investors during meetings as part of a continuing probe into events that led to the trio's resignation.” (ShellNews.net) 6 Dec 04
By Sundeep Tucker and Rebecca Bream
Published: December 6 2004
Royal Dutch/Shell has taken the unusual step of disclosing to the Financial Services Authority the private details of meetings held between its former senior management and institutional investors.
The City watchdog is seeking details of what three former executives said to investors during meetings as part of a continuing probe into events that led to the trio's resignation.
The FSA has been investigating Shell since it admitted this year that it had overstated its proved oil and gas reserves by 25 per cent.
Shell has already been fined £17m by the FSA for market abuse and breaching listing rules as well as $120m (£61.7m) by the US Securities and Exchange Commission.
Last week, the FSA sent a letter to some investors demanding minutes of meetings from the past two years with Sir Philip Watts, former Shell chairman; Walter van de Vijver, former head of exploration and production; and Judy Boynton, former finance director.
However, many key investor figures in the City who deal with Shell said they had not received the letter.
It is understood that the FSA demanded Shell provide a list of shareholders who were granted one-to-one meetings with executives.
The move indicated that the FSA is continuing to look into the conduct of individual executives in the affair.
One recipient of the letter said yesterday: "The request is highly unusual for a company of this size. We are regulated by the FSA and of course will hand over any minutes of meetings we held."