thisisLondon.com: Shell gives Watts a £1m farewell

23 May 2004

SIR Philip Watts, the disgraced former chairman of Royal Dutch/Shell who was sacked by the oil giant in March, has received a payoff of just under £1m, reports the Sunday Telegraph.

Although like all Shell directors Watts was on only three-months notice, the board felt the pay-off should reflect his long service.

Watts was asked to resign after an internal investigation found that he had known about Shell's massive overbooking of its proven oil and gas reserves.

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