Shell appoints new finance director

Shell unveiled a key boardroom appointment today as the troubled oil group battles to shore up confidence following its reserves crisis.

Peter Voser will rejoin Shell as finance director in October after spending the past two years in a similar role at Zurich-based engineer ABB.

The appointment was viewed positively in the City as 46-year-old Mr Voser held a variety of finance and business roles with Shell in Switzerland, London, Argentina and Chile between 1982 and March 2002.

He takes over from Judy Boynton, who was one of three directors to leave the company in the wake of Shell’s shock announcement in January that it had overstated oil and gas reserves by 20%.

Chairman Philip Watts and head of exploration and production Walter van de Vijver also left.

Since then Shell has taken steps to boost investor confidence, including through an internal review of its structure and overall governance. This could lead to its twin board structure being scrapped.

Shell has a complex structure, with all its assets owned by two parent companies, which are listed on different stock markets.

Royal Dutch Petroleum, with its headquarters in The Hague, owns 60% of the assets, with the remainder controlled by London-based Shell Transport.