Shell former chairman gets £1m payout

Troubled oil group Shell said today that former chairman Philip Watts got a pay-off of more than £1m (€1.5m) after quitting over the company’s reserves crisis.

Shell said Watts received a £1,057,971 (€1,590,194) lump sum after resigning in March following the company’s shock revelation that it had overstated its reserves by 20%.