Shell Investors Call for Clarity
Thursday, January 21, 2010 7:35
A UK coalition of institutional and private shareholders in calling on Royal Dutch Shell to provide transparency on risks associated with Canadian oil sands projects.
Over 140 fund managers, mutual funds, pension funds and individual investors co-filed a resolution, co-ordinated by social responsible investment campaign group FairPensions, in December 2009. Shell has since confirmed that the resolution is valid, and will be addressed in its annual general meeting on May 18.
The Co-operative Asset Management group, one of the more prominent signatories, has already tackled Shell’s lack of action. The fund manager, along with 44 other institutional investors, wrote a letter to 19 oil sands companies to register its anger at the industry’s failure to justify the cost of oil sands developments. Nearly one third of Shell’s total reserves are in oil sands, which have particularly high operating costs.
Oil analysts have questioned whether sands extraction is still economically worthwhile, with Deutsche Bank concluding in an October report that the value of… Canadian heavy oil sands… could be far lower than the market currently expects.
Related posts:
- Investors Tell the Predator to Raise Its Bid and the Prey to Raise Its Game
Cadbury’s UK shareholders piled the pressure on the confectionery group... - Shell Faces 250m Pounds Bill
Royal dutch Shell faces having to pay compensation of more... - Shell Braces Itself for Angry Shareholders
Shell will face a groundswell of investor opposition to its... - Shell Cut Jobs to Sharpen Up
Royal Dutch Shell is axing a further 1000 jobs after... - Shell Outlines Aggressive Growth Strategy
The rise in crude prices helped Royal Dutch Shell,...
