The Times: Shelling out: A corporate culture cannot be sued, but it is worth noting those who may have created it. Sir Mark Moody-Stuart… is one of several individuals the writ mentions.”: January 10, 2006

Analysis

By Patience Wheatcroft

PINNING down who was to blame for Shell’s missing oil reserves has not proved easy. The FSA dropped its investigations into the conduct of the then chief executive Sir Philip Watts, so aggrieved Dutch pension funds, with the aid of American lawyers, are casting their net wide.

Deep-pocketed auditors are an obvious target for a multimillion-dollar claim, but the list of other defendants to the action is a reminder that the inflating of the company’s reserves could not have been the responsibility of one man, or woman, alone.

A corporate culture cannot be sued, but it is worth noting those who may have created it. Sir Mark Moody-Stuart, long regarded as a pillar of the corporate establishment, spent 39 years with Shell before leaving the board last year. He is one of several individuals the writ mentions. Their reputations, if not their pockets, might be affected.

Click here for ShellNews.net HOME PAGE