Climbdown on cards at Shell
SHELL is preparing a dramatic climbdown as the ranks of its rebellious City investors grow daily. The powerful National Association of Pension Funds is the latest to question publicly the Anglo-Dutch oil giant's array of restrictive practices.
Shell is 'sensitive' to investors' concerns and will hold a board meeting. In Shell-speak that signals a reversal of its extraordinary refusal to name the internal committee reviewing its structure.
City investors, already angry at the reserves scandal, are enraged at what they see as a return to Shell's old arrogance.
The NAPF's voting service spells out five key issues, including 'priority' shares held by managers of Shell's Royal Dutch arm and its murky committee and 'conference' power blocs alongside its two boards.
The NAPF warns Shell that it expects a 'timely and fully transparent' review.
