Royal Dutch/Shell Group may unify its British and Dutch boards as part of a drive to simplify its management structure and win back investor confidence rattled by cuts to its oil reserves.
The world's third-largest oil group said today it planned to make results of a corporate governance review public in November and would introduce any changes after its annual shareholder meeting in 2005.
Shell stunned investors in January by slashing its proven oil and gas reserves by 20 per cent. The debacle led the company to oust its top management and has sparked a probe by US regulators.
Shell said it would consider simplifying its board structure, something investors have long called for.
"Amongst other alternatives, forms of unified boards, to which a CEO (chief executive officer) would report, are being studied. Nothing is ruled out at this stage," Shell said in a statement.
The Anglo-Dutch group has two boards - one deals with the Royal Dutch Petroleum Company, which owns 60 perc ent of the overall group; the other looks after Britain-based Shell Transport & Trading Company.
Shell's London-listed shares were up 0.9 per cent at 410 pence in morning trade while its stock traded in Amsterdam was up 0.5 per cent at €42.95.