Ex-Shell executives lose bonuses

Oil giant Shell said yesterday that none of the senior executives ousted in the wake of its reserves crisis would receive annual bonuses for 2003.

The annual reports of the Anglo-Dutch group reveal that former chairman Philip Watts was paid his annual salary of stg£865,000 last year.

But the Shell remuneration committee decided Mr Watts should miss out on an annual bonus typically worth the same as his yearly pay.

They also said Mr Watts was not entitled to 50% of stock options granted in 2001 as the company had not met performance targets.

The annual reports were due to be published earlier this year but were delayed in the wake of revelations that it had overbooked its oil and gas stocks.

Shell stunned the market in January by saying its reserves were 20% lower than previously thought and made three further downgrades.