Heat is on Watts after Shell shock
13 April 2012
PRESSURE is mounting on Shell chairman Sir Philip Watts to resign after the shock announcement that the group was slashing estimates of reserves.
The shares fell 7.5% on the news that 3.9bn barrels of oil would have to be reclassified.
Watts was responsible for signing off the oil and gas assets as head of Shell's exploration and production division from 1997 to 2001.
He and his finance director Judy Boynton last week incensed investors further when they left it to their investor relations team to explain the bookings. Shell is due to deliver its results on 5 February.
