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15

Shell Has To Change Governance Structure

Shell has been forced to pay out $9.2m in legal fees

Shell has been forced to pay out $9.2m in legal fees and make changes to its corporate governance structure as part of a settlement with disgruntled shareholders, The Guardian reported.

The case pending in New York and New Jersey courts followed the January 2004 statement from Shell that it had overstated its oil and gas reserves in filings with the US regulator, the securities and exchange commission.

Shell still faces a much larger and potentially damaging class action from a wider group of shareholders as well as investigations by the operator of the Dutch stock market, Euronext, and a state regulator in California.