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Last Updated: Friday, 28 May, 2004, 06:53 GMT 07:53 UK
Disgraced Shell bosses lose bonus
Sir Phillip Watts
Sir Phillip Watts lost his bonus while the oil reserves row was at its height
Disgraced Shell bosses have lost their bonuses, following the scandal over oil and gas reserves.

In its annual report, already delayed by months, the oil giant also states that two of the three directors who were sacked have no right to a pay-off.

Shell shocked investors when it announced it had overstated reserves by 20% and has made four downgrades.

The decision not to pay bonuses appears to be Shell's attempt to draw a line under the scandal.

Shell's top people still benefited from pay rises and share options.

Sacked

There was a pay rise of 13% from 2002 for Sir Phillip Watts, former chairman, who was paid 843,000 ($1.55m) before his sacking in March.

Malcolm Brinded, who was elevated to the board in 2002 also received no bonus, but doubled his pay to 800,000 euros,.

New Chairman, Jeroen van der Veer, also went without a bonus that would have been worth more than 1.2m euros ($1.46m).

Two other sacked directors, Judy Boynton and Walter van de Vijver, lost out on their bonuses - worth around 400,000 and 900,000 respectively.

Shell, the world's third largest oil company, has made reserves downgrades on four occasions this year.

The report also includes a detailed explanation of its new tighter reserves policy.


WATCH AND LISTEN
The BBC's Jamie Robertson
"Shell says it will now use outside experts to check on the level of its reserves"



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