Difference between revisions of "Simon Henry"

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'''Simon Henry''' as Chief Financial Officer and Executive Director between 2009 and 2017.<ref>https://www.riotinto.com/en/about/board-of-directors/simon-henry</ref><ref>https://www.gov.uk/government/people/simon-henry</ref><ref>https://www.weforum.org/people/simon-henry/</ref> He attended the [[2013 Bilderberg meeting]], as well as being part of the [[Centre for European Reform]].
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==Education==
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He graduated from [[Cambridge University]] in mathematics.<ref name=energy/>
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==Career==
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He joined [[Shell]] as an engineer at its Stanlow refinery in 1982."<ref name=energy>https://www.energyvoice.com/oilandgas/north-sea/126111/shell-cfo-sells-1million-shares/</ref>
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===Shell reserves misreporting scandal===
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He was appointed as Head of Shell Group Investor Relations (IR), commencing full-time from the second week of March [[2001]]. In that position, he was a key player in the gathering and reporting of reserves data. He and his IR team were responsible for ensuring that only accurate information, such as production and reserves data, was passed externally to analysts and investors, including in the form of Quarterly Results Announcements and senior management presentations to third parties. It was part of the function of IR to ensure compliance with regulatory requirements.<ref name=plc>https://royaldutchshellplc.com/2013/02/11/verdict-on-royal-dutch-shell-cfo-simon-henry/</ref>
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Simon Henry knew years before Shell investors that reserves had been booked that should not have been booked and that there was high level long term internal anxiety over the issue. However, he continued to deal with analysts and investors without giving any clue about the well-founded concern on a vitally important matter. Instead of coming clean with investors when it became clear that there was a serious problem, those involved, including Henry, misled the markets.<ref name=plc/>
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On January 9, 2004, Shell, at the time the world's largest publicly-traded oil and gas company, shocked investors by announcing that it had substantially reduced its "proved" reserves. In the months following the initial announcement, the Shell ultimately revealed that it had reduced its proved reserves by 4.47 billion barrels, representing more than one-fifth of its proved reserves, as well as a reduction to its Reserves Replacement Ratio (RRR), a crucial measure of future performance.<ref>https://www.whistleblowers.org/fraudulent-oil-and-gas-reserve-reporting/</ref>
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On 13 March 2009, the ''[[Financial Times]]'' published an article about Simon Henry, who was about to become Chief Financial Officer of Royal Dutch Shell Plc. It said that he had survived the [[Shell reserves misreporting scandal]] with his reputation intact.<ref>https://www.ft.com/cms/s/0/7a450090-0f70-11de-ba10-0000779fd2ac.html#axzz2GCwCXH5W</ref>
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In 2015, Henry received a total pay packet worth £3.17million. When he left Shell in 2017, the corporation awarded him a €2.3 million payment as compensation for "loss of office".<ref>http://www.thetimes.co.uk/edition/business/shells-finance-chief-exits-with-2-3m-payoff-n9znsspf0</ref>
 
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==References==
 
==References==
 
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Latest revision as of 23:56, 10 July 2024

Person.png Simon Henry  Rdf-entity.pngRdf-icon.png
(businessman)
Simon Henry.jpg
BornJuly 1961
NationalityUK
Alma materCambridge University
Member ofCentre for European Reform
Bilderberger Shell CFO who earlier had avoided any blame for the Shell reserves misreporting scandal.

Employment.png Shell/CFO

In office
2009 - 8 March 2017
Succeeded byJessica Uhl
Attended Bilderberg/2013

Simon Henry as Chief Financial Officer and Executive Director between 2009 and 2017.[1][2][3] He attended the 2013 Bilderberg meeting, as well as being part of the Centre for European Reform.

Education

He graduated from Cambridge University in mathematics.[4]

Career

He joined Shell as an engineer at its Stanlow refinery in 1982."[4]

Shell reserves misreporting scandal

He was appointed as Head of Shell Group Investor Relations (IR), commencing full-time from the second week of March 2001. In that position, he was a key player in the gathering and reporting of reserves data. He and his IR team were responsible for ensuring that only accurate information, such as production and reserves data, was passed externally to analysts and investors, including in the form of Quarterly Results Announcements and senior management presentations to third parties. It was part of the function of IR to ensure compliance with regulatory requirements.[5]

Simon Henry knew years before Shell investors that reserves had been booked that should not have been booked and that there was high level long term internal anxiety over the issue. However, he continued to deal with analysts and investors without giving any clue about the well-founded concern on a vitally important matter. Instead of coming clean with investors when it became clear that there was a serious problem, those involved, including Henry, misled the markets.[5]

On January 9, 2004, Shell, at the time the world's largest publicly-traded oil and gas company, shocked investors by announcing that it had substantially reduced its "proved" reserves. In the months following the initial announcement, the Shell ultimately revealed that it had reduced its proved reserves by 4.47 billion barrels, representing more than one-fifth of its proved reserves, as well as a reduction to its Reserves Replacement Ratio (RRR), a crucial measure of future performance.[6]

On 13 March 2009, the Financial Times published an article about Simon Henry, who was about to become Chief Financial Officer of Royal Dutch Shell Plc. It said that he had survived the Shell reserves misreporting scandal with his reputation intact.[7]

In 2015, Henry received a total pay packet worth £3.17million. When he left Shell in 2017, the corporation awarded him a €2.3 million payment as compensation for "loss of office".[8]

 

Events Participated in

EventStartEndLocation(s)Description
Bilderberg/20136 June 20139 June 2013Watford
UK		The 2013 Bilderberg group meeting.
WEF/Annual Meeting/201126 January 201130 January 2011World Economic Forum
Switzerland		2229 guests in Davos, with the theme: "Shared Norms for the New Reality".
WEF/Annual Meeting/201225 January 201229 January 2012Switzerland2113 guests in Davos
WEF/Annual Meeting/201422 January 201425 January 2014World Economic Forum
Switzerland		2604 guests in Davos considered "Reshaping The World"
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References

  1. ↑ https://www.riotinto.com/en/about/board-of-directors/simon-henry
  2. ↑ https://www.gov.uk/government/people/simon-henry
  3. ↑ https://www.weforum.org/people/simon-henry/
  4. ↑ a b https://www.energyvoice.com/oilandgas/north-sea/126111/shell-cfo-sells-1million-shares/
  5. ↑ a b https://royaldutchshellplc.com/2013/02/11/verdict-on-royal-dutch-shell-cfo-simon-henry/
  6. ↑ https://www.whistleblowers.org/fraudulent-oil-and-gas-reserve-reporting/
  7. ↑ https://www.ft.com/cms/s/0/7a450090-0f70-11de-ba10-0000779fd2ac.html#axzz2GCwCXH5W
  8. ↑ http://www.thetimes.co.uk/edition/business/shells-finance-chief-exits-with-2-3m-payoff-n9znsspf0
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