Investors: Shell review not tranparent enough

Oil giant Shell is facing further criticism over the slow pace of its review into corporate governance.

The company has seen four reserves downgrades since January and had promised to review its complex Dutch-British corporate structure.

A one-hour meeting between acting chairman Lord Oxburgh and Sir Peter Burt, senior independent director with the influential investment committee of the Association of British Insurers, left more questions unanswered, according to reports today.

Both are understood to have promised a "wide-ranging" review into alternative structures and have undertaken to give an update of the review at the 2004 dual annual meetings in London and Holland.

These meetings are scheduled for June 28.