US rebels warn Shell of challenge

BIG investors are stepping up their challenge to Shell in frustration at what they see as the oil giant dragging its feet on reform.

Two US shareholders have warned Shell publicly to come clean or expect a grilling at its 28 June annual general meeting.

Calpers, which represents Californian pensioners, has written to the Financial Times newspaper expressing anger at the secrecy surrounding the reform process. It is joined by Knight Vinke, another outspoken US investor.

Big shareholders are infuriated that Shell has refused to name those conducting an internal review of its complex Anglo-Dutch structure, or to disclose the probe's terms of reference.

Calpers and Knight say this should have been set out ahead of the agm and an opportunity has been lost.

Calpers, famed for its no-nonsense attitude to corporate abuse, has already put Shell on its hit list of problem companies.

Here, the Association of British Insurers has put Shell on its 'amber' list. Shell says it is listening to investors.