‘Lying’ Shell director gains £2.5m payoff

The
Shell director who complained that he was “tired of lying” about the state of
the company’s oil and gas reserves is to be paid £2.5m in compensation for
losing his job.

Walter
van de Vijver, who was head of oil exploration in the Anglo-Dutch multinational,
will receive half of the €3.8m (£2.54m) settlement immediately. The remainder
is being kept in escrow “subject to continuing co-operation with, and review
by, relevant authorities”.

In
addition, the former Shell director will receive an annual pension of €385,388
(£258,509) from June 2015.

The
settlement eclipses the £1m paid to Philip Watts, Shell’s former chairman, who,
together with Van de Vijver, was removed from office in March for their role in
the misreporting of Shell’s oil and gas reserves.

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The
payoff will anger Shell’s private shareholders. In June, investors at Shell’s
annual meeting in London protested against Watts’ severance payment.

By Daniel Thomas