The Independent: Outlook: Sir Phil Watts: “…if I were Sir Phil, I'd lie low and save my redundancy cheque for the welter of class actions that are already being heaped upon him. He's on a hiding to nothing defending himself against the FSA, for even if he does show abuse of process, he won't escape blame for this shameful episode. If Sir Phil's not to blame, who on earth is?” (ShellNews.net)

JEREMY WARNER

Sep 17, 2004

ABRASIVE BRUISER that he is, Sir Phil Watts, former chairman of Shell, has decided not to take the Financial Services Authority's strictures over his pivotal role in the oil giant's reserving fiasco lying down.

As is its wont, the FSA gave Sir Phil no right of reply or representation at all before issuing its final notice on the affair in which it accused Sir Phil and the company of deliberately misleading investors. To Sir Phil's mind, this was both an abuse of process and it has fatally prejudiced any defence he might have in future actions.

Well no doubt he's got a point, and who am I to deny Sir Phil his six weeks before a public tribunal? The press, at least, will have a field day. Yet if I were Sir Phil, I'd lie low and save my redundancy cheque for the welter of class actions that are already being heaped upon him. He's on a hiding to nothing defending himself against the FSA, for even if he does show abuse of process, he won't escape blame for this shameful episode. If Sir Phil's not to blame, who on earth is?

jeremy.warner@independent.co.uk