Report of Davis Polk & Wardwell to the Shell Group Audit Committee
Article from: OGEL 2 (2004), in Good Governance
Introduction
On 9 January 2004, following an internal review by Shell* management (Project Rockford), the Company announced that it would recategorise approximately 3.9 billion barrels of oil equivalent (boe) of its reported proved reserves. Shell released its unaudited results for 2003 on 5 February 2004, including details of the recategorisation. On that date, Shell also disclosed that the Shell Group Audit Committee (GAC) was conducting an independent review of the facts and circumstances surrounding the recategorisation. On 3 February 2004, the GAC engaged Davis Polk & Wardwell ...