The Sunday Times: Shell suit’s parting line

Prufrock

11 April 04

WE can see where Sir Philip Watts, the former chairman of Shell, has his priorities. When Shell went through its recent debacle concerning the declared level of its oil reserves, arousing fury and incredulity among its investors, chairman Watts was nowhere to be seen.

But he was putting the time spent hiding from the City to good use — giving his last interview as chairman to the World Economic Forum magazine.

Investors will be pleased to read that Watts thinks Shell “has always been a values-driven organisation based on . . . core values of honesty, integrity and respect for people (except shareholders).” All right, Prufrock added that last bit.

Watts also notes that the way Shell’s values are expressed in its behaviour “needs to be constantly refreshed to reflect changing public expectations”. You don’t say, Phil.