'Green' Shell shares sold in protest at spills
A spokesman for TSB confirmed that it had disposed of its 110,000 shares in Shell Transport worth pounds 35 each, which it held as part of its Environmental Investors Fund, a portfolio for those who only want to invest in environmentally sound companies. The spokesman said it had been advised to disinvest by the Conservation Foundation because of the way Shell was extracting oil in the Niger delta and because of the impact of oil extraction on the local villages.
Shell stands accused of insufficient environmental care in its oil operations and not doing enough to assist local people effected by its activities. Oil spills have not been cleared up and in one instance the freshwater supply for a village was destroyed by a canal built by Shell.
A spokesman from the Conservation Foundation said the TSB had been advised to sell the Shell shares because it would prompt the company into taking action. 'If you don't do anything you get drawn into a web of discussions and the longer you talk the less you do,' said Struan Simpson of the foundation. But he added that the aim was not to pillory Shell but to solve the problem, and that a meeting between Shell and the foundation would take place shortly.
Shell said it was disappointed at the decision and announced that it was undertaking a full environmental study of the Niger delta. 'We are not saying there have been no environmental problems but when they occur we deal with them. We go in, clear up and pay compensation. We believe our operations do take care of the environment,' said Eric Nickson, a Shell spokesman.
Shell's operations, owned jointly with the Nigerian government, are vital to Nigeria. It has been there nearly 50 years and extracts about half of Nigeria's 2 million barrels a day oil production, accounting for over 95 per cent of the country's export earnings. Nigeria is also essential to Shell, accounting for some 14 per cent of the company's production.
Have shock jocks gone too far after Rush Limbaugh called Sandra Fluke a slut?
Former Google exec says he has 100,000 emails showing how 'immoral' company avoids paying UK tax
British business: We need to stay in the European Union - or risk losing up to £92bn a year
World news in pictures
British father faces charges after confessing to slitting his two children's throats in Lyon flat
- 1 Notes from a small island: Is Sealand an independent 'micronation' or an illegal fortress?
- 2 British business: We need to stay in the European Union - or risk losing up to £92bn a year
- 3 The moral case on tax avoidance is overwhelming - and we all know Google wants to do the right thing
- 4 Sam Wallace: The second coming of Jose Mourinho at Chelsea will be a reunion that can only end in tears
- 5 It’s official: thanks to Stephen Hawking's Israel boycott, anti-Semitism is no more
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Win anything from gadgets to five-star holidays on our competitions and offers page.
£500 per day: Orgtel: A top tier banking client urgently requires Finance Busi...
£450 - £500 per annum: Progressive Recruitment: BI Developer (SQL Server 2008,...
Negotiable: Randstad Education Reading: Our client is a co-educational boardin...
£60000 - £70000 per annum: Progressive Recruitment: Your technical knowledge o...