The much-admired Royal Dutch/Shell has not only mislaid much of its oil reserves, but it has misled investors. This is bad. So much so, that the company is now confessing to its past sins (and replacing executives) in the hope of making a fresh start.
For The Economist, corporate governance concerns will now have to be addressed.
In an unexpected turn, this news from yesterday is relegated on Reuters by three subsequent ‘good news’ stories: Tesco profits jump amid price war; Inflation hits 1-1/2 year low; FTSE 100 hits 21-month high. Shell’s shares were down just 0.45% during early morning trading.