Oil giant Shell today confirmed its twin board structure could be scrapped as it battles to restore confidence in the wake of its reserves crisis.

Shell said a unified board was one option being looked at by an internal review of the structure and overall governance of the group.

A timetable for possible changes was also announced by the company along with the make-up of a steering group set up to lead the review.

Details come just 24 hours after Shell was criticised by two US investors for a lack of transparency in the process.

Knight Vinke Asset Management and Californian pension fund Calpers warned the company was in danger of losing credibility by not being more open.

They also attacked a structure which has directors meeting separately in The Hague and London, saying it was partly to blame for the "debacle" over the recent restating of oil and gas reserves.

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.

In an update on the review process today, Shell said it was looking to improve decision-making, accountability and leadership.

"Amongst other alternatives, forms of unified boards, to which a chief executive would report, are being studied," Shell said.

But the group said nothing had been ruled out and the results of the review would not be known until November.

Further talks would then be held with shareholders before a vote to approve any changes is taken at the company's annual meeting next year.

Thursday June 17, 2004