BusinessCompany NewsEx-Shell chairman defends reserves decisions

Ex-Shell chairman defends reserves decisions

The law firm representing the former chairman of Shell, Sir Philip Watts, has claimed the oil giant's external auditor, and other experts, had at no time informed him of a need for restating oil reserves.

Link: Shell committed ‘unprecedented misconduct’

In response to the FSA?s published judgement of the Shell fiasco, Sir Philip?s lawyers, Herbert Smith, said in a letter to the FSA: ‘Our client believed that bookings were made in accordance with Shell guidelines in effect at the time and were reviewed by Shell’s internal and external auditors.

KPMG, Shell’s external auditors, declined to comment.

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