Investors lambast Shell over ousted chairman's £1m pay-off

[UpInArms]

http://news.independent.co.uk/business/news/story.jsp?story=536330

Shell received a mauling yesterday from shareholders over the "scandal" of the £1m pay- off for its disgraced former chairman, its "abject" environmental record and its cumbersome dual board structure.

Shareholders attending the annual meetings of the Anglo-Dutch oil giant in London and The Hague, tore into the company over the fiasco of last January's reserves downgrade, linking it directly to the lack of accountability and transparency at board level.

The twin AGMs were the first opportunity small shareholders have had to quiz the company since the seismic upheaval in the company's fortunes triggered by the downgrading of its oil and gas reserves by 4.5 billion barrels or 23 per cent. In the Netherlands, there was embarrassment when 40 per cent of Dutch investors voted against a resolution expressing confidence in their management. Shareholders at both AGMs had been promised an update on the progress of Shell's review of its much-criticised corporate structure but they failed to get one.

<snip>

Contrary to what Shell said on the day Sir Philip's departure was announced, Lord Oxburgh disclosed that his severance terms had been agreed the night before in the space of three hours and were "the absolute minimum" it could get away with.

...more...

"get away with" is an interesting use of words. Do they mean "legally" scam? hmmmm....