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I'm at the #ShellAGM this morning to ask questions about the company's response to corruption and the OPL 245 scandal. We'll see how the good the answers are! Also in solidarity with the activists and workers standing up for the climate and their lives. #gotnofuture #stopshell 
Side note: Shell's AGM coffee isn't as good as the Milan Palace of Justice's.
Just spoke briefly with .@Shell Chairman Chad Holliday. He's written letter on trust in the annual report. I asked if he'd engaged with the OPL 245 case closely enough to know it was a military era contract before we published. "I shouldn't get into that". globalwitness.org/en/press-relea…
The #ShellAGM is starting, introducing the many luminaries on the board, ambassadors, former US government officials, law firm founders, directors of other major companies. Interesting that one of the directors is also a director of SNC Lavalin, also struck by scandal.
As always a very heavy focus from the #ShellAGM opening statements on climate, energy transition. Examples given are an aero truck prototype, catalysts and AI in drilling. No mention yet of Shell's massive spending on developing new oil and gas fields. globalwitness.org/en/campaigns/o…
.@Shell CEO Ben Van Beurden addresses the OPL 245 case in his opening statement noting ongoing Milan trial and Dutch investigation, that they don't think they should be convicted and will defend the case. Says he won't answer questions on the case.
Just asked @shell board my questions about OPL 245. At the 2015 AGM Shell CEO Mr Van Beurden reassured investors this deal was transparent, held no significant risk and was “morally okay”. Since then Shell emails showed they knew of their $1.1bn would fund a bribery scheme.
Shell's admitted its $1.1bn would flow to former oil minister and convicted money launderer Dan Etete. Shell's offices have been raided by police, Shell's now on trial on charges for international corruption, charged in Nigeria and they expect criminal charges in the Netherlands
Two middlemen involved in the OPL 245 deal have already been convicted and sentenced to 4 year jail terms. The court ruled that the management of Shell “was fully aware of the fact that a part of the $1.1 billion paid would be used to remunerate Nigerian public officials"
The judge also said “This did not involve mere connivance, but a conscious attachment to a predatory project to the detriment of the Nigerian State.” Nigeria are also suing Shell for billions in the UK courts and seeking to cancel Shell’s license for OPL 245.
Moreover an analysis commissioned by @Global_Witness @HEDAgenda @Recommon and Corner House found that the OPL 245 deal includes military era contract terms that reduced Nigeria's expected revenue by billions. Current Shell staff were briefed on these terms
globalwitness.org/en/press-relea…
globalwitness.org/en/press-relea…
So I asked:
1.What is the expected financial impact of the criminal cases against the company, the possible cancellation of the license and the associated $13.5bn project?
No answer except referencing the earlier statement denying wrongdoing and that they will defend the case.
1.What is the expected financial impact of the criminal cases against the company, the possible cancellation of the license and the associated $13.5bn project?
No answer except referencing the earlier statement denying wrongdoing and that they will defend the case.
2. What has the special board committee on OPL 245 found, what have they done?
Partial answer here was from Linda Stuntz, the chair of the committee who says they meet regularly, often with internal and external counsel and follow progress in the cases. No more details though.
Partial answer here was from Linda Stuntz, the chair of the committee who says they meet regularly, often with internal and external counsel and follow progress in the cases. No more details though.
3. Does Mr Brinded’s continued role alongside Mr Wetselaar and other current @Shell staff as a trustee of the Shell Foundation send the right tone from the top on anti-corruption?
The answer here was the Mr Brinded is very respected and its up to the Foundation's board.
The answer here was the Mr Brinded is very respected and its up to the Foundation's board.
4. Would the board care to correct Mr Van Beurden’s statement to @Shell investors that this case posed no risk and was morally okay? How will be the board ensure that no such misleading statements are made to shareholders in the future?
No answer to this one.
No answer to this one.
For those who'd like to see more details of Shell's statements to investors on OPL 245 their annual report has details on pages 7, 19, 98 and 212 (with a lengthy section on litigation).
reports.shell.com/annual-report/…
reports.shell.com/annual-report/…
Meanwhile in Nigeria CSOs are protesting the @Shell deal for OPL 245
Some excellent other folks asking questions and tweeting at the #shellagm @ilhamsta @LaurievdBurg @SunnivaSG @ShareAction @IndustriALL_GU @dianajunquerac @Klimaatactie @brohannon6 @shellmustfall @OilSheppard @joostmulder
Meanwhile @HEDAgenda is covering the OPL 245 demo in Abuja
Meanwhile @HEDAgenda is covering the OPL 245 demo in Abuja
.@shell CEO Ben Van Beurden brings out the powerpoint slides on climate but didn't answer @LaurievdBurg question on whether Shell's climate targets actually allows them to increase carbon emissions rather than reducing them.
.@shell Chairman Chad Holliday angrily disagrees with a climate scientist asking if he shares the view that the carbon capture process as projected in Shell's sky scenario is unrealistic and wildly costly.
We summarised the arguments in our recent report globalwitness.org/en/campaigns/o…
We summarised the arguments in our recent report globalwitness.org/en/campaigns/o…
