Emails that damned top executives

By THIS IS MONEY
Updated:

 

THE FOLLOWING emails detail the disclose the depth of disagreement that existed among the top executives at the group

28 May 2002

Sir Philip Watts, chairman of Shell Transport and Trading, to Walter van de Vijver, chief executive of Shell's Exploration and Production division.

'I do hope that this review will include consideration of all ways and means of achieving more than 100% for RRR (the oil reserve target) for 2002 - to mix metaphors...considering the whole spectrum of possibilities and leaving no stone unturned.'

22 October 2002

Mr van de Vijver to his boss Sir Philip.

'I must admit that I am sick of arguing about the hard facts and also cannot perform miracles given where we are today. If I were interpreting the disclosure requirements literally...we would have a real problem.'

25 August 2003

Mr van de Vijver to Sir Philip.

'The single largest issue facing EP (Exploration and Production) is the shrinking opportunity portfolio exacerbated by...too aggressive reserves bookings in the past.'

9 November 2003

Mr van de Vijver to Sir Philip.

'I am becoming...tired about lying about the extent of our reserves issues and the downwards revisions that need to be done because of far too aggressive/optimistic bookings.'

December 2003

Mr van de Vijver to unnamed colleague.

'We are heading towards a watershed reputational disaster...the problem was created in the 90s and foremost in 97-2000 and any clean-up must reflect that...I will not accept any cover up stories that it was OK then but not OK with the better understanding of the SEC (US Securities and Exchange Commission) rules now and that it took us two and a half years to come up with the right answer.'

2 December 2003

Mr van de Vijver to unnamed junior colleague, who had prepared bombshell report on the full extent of Shell's overstatement of reserves.

'This is absolute dynamite, not at all what I expected and needs to be destroyed.'

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