Shell faces shareholder revolt over Canadian tar sands project

[CHIMO]

Shell chief executive Peter Voser will be forced to defend the company's controversial investment in Canada's tar sands at his first annual general meeting, after calls from shareholders that the project be put under further scrutiny.

A coalition of institutional investors has forced a resolution onto the agenda calling for the Anglo-Dutch group's audit committee to undertake a special review of the risks attached to the carbon-heavy oil production at Athabasca in Alberta.

Co-operative Asset Management and 141 other institutional and individual shareholders raise "concerns for the long-term success of the company arising from the risks associated with oil sands."

Shell, which will hold its AGM in May, has been one of the lead companies in moves to develop oil reserves that are either mined or sucked out of the ground using expensive and energy-intensive techniques. BP and Total of France are also engaged in the sector.

http://www.guardian.co.uk/business/2010/jan/18/shell-shareholders-fury-tar-sands

[HeresyLives]

1. Thank goodness, slam the wallets shut!

Only thing that gets anybody's attention

[Spazito]

2. Good, I hope they force Shell to back off...

though I won't hold my breath waiting for it, lol. The fact they have asked for a special review is interesting in itself.

[CHIMO]

3. Well

They bought out all the Canadian content of Shell Canada awhile back, so now they may have to fight this battle on their own, as Royal Dutch Shell and their British component.

[Spazito]

4. I had forgotten the Canadian content no longer existed....

that might well change the dynamics.