Shell’s $6.4 Billion Pension Bombshell: “This whole deal is murky and stinks to high heaven”

Comment from “An Old EP Hand” on the article:

Shell’s $6.4 Billion Pension Bombshell: SEC Disclosure Reveals Major Accounting Loss Expected as Dutch Retirement Scheme Changes

Hello John

I had not looked at your site for a while when someone sent me your piece on the SSPF.

I distributed that to several old colleagues. Great appreciation. This whole deal is murky and stinks to high heaven. We should have closed the fund and not chosen for ‘invaren’.

But the politicians and evil HR staff forced/bamboozled the staffcouncil to agree. This whole deal is sold as transparant but it is as intransparant as can be.

Delta Lloyd and IBM have chosen to close and not go for invaren. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

THE SHELL LEAKS FILES — 31 OCTOBER 2026

THE SHELL LEAKS FILES — 31 OCTOBER 2026

SLF-2007-104

The Sakhalin Papers XCIV: The Blending Loophole — Russian Oil in Shell’s Supply Chain After the Apology

By John Donovan — 31 October 2026

On 8 March 2022, Shell apologised for purchasing discounted Russian crude oil and announced its intention to withdraw from Russian hydrocarbons. Yet its trading arrangements continued to permit purchases of certain refined petroleum products containing almost 50% Russian-origin material. Bloomberg exposed the practice in April. Ukraine’s government accused Shell of exploiting an accounting trick. Shell disputed the allegation that it was deliberately purchasing Russian products for blending and resale. On 27 April, Reuters reported that the company had tightened its trading terms to exclude refined products containing any Russian-origin material. The surviving corporate statements, contemporaneous trading reports and official sanctions records reveal what happened — and the important distinction between a contractual loophole, an actual purchase and an unlawful transaction. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

Shell’s Iran War Windfall Has Another Side: SEC Filing Reveals $5.4 Billion Shipping-Lease Shock

Shell’s latest financial statements reveal a remarkable accounting consequence of the Middle East conflict. While the oil giant reports extraordinary profits, soaring tanker freight rates have triggered billions of dollars in additional shipping-lease liabilities. The figures are non-cash adjustments, not realised losses, but they expose another dimension of Shell’s vulnerability to geopolitical disruption.

By John Donovan — 31 October 2026

Shell plc’s spectacular third-quarter profits have attracted considerable attention. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

Shell Caught Between Two London Councils: Lambeth Wants Climate Funding, Westminster Offers a Welcome — and a Return to Shell-Mex House

One London council wants Shell to help pay for climate protection. Another is inviting the oil giant to move its headquarters across the Thames. The extraordinary exchange has revived memories of historic Shell-Mex House on the Strand — a building with its own place in the history of the Donovan family’s dealings with Shell.

By John Donovan — 31 October 2026

Shell plc has found itself at the centre of an unusual disagreement between two London local authorities.

In Lambeth, where Shell maintains its London headquarters on the South Bank, the Green Party-led council has publicly challenged the oil giant to contribute towards the costs of protecting local residents from climate change. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

THE SHELL LEAKS FILES — 30 OCTOBER 2026

THE SHELL LEAKS FILES — 30 OCTOBER 2026

SLF-2007-103

The Sakhalin Papers XCIII: The Discounted Cargo — Shell’s Russian Oil Purchase, Ukraine’s Protest and the Apology That Followed

By John Donovan — 30 October 2026

On 28 February 2022, Shell announced that it would withdraw from its major Russian joint ventures following the invasion of Ukraine. Four days later, the company purchased a cargo of Russian crude oil at a record discount of $28.50 per barrel below the Brent benchmark. Ukraine’s foreign minister publicly challenged the transaction. Shell initially defended its decision, promising to direct profits towards humanitarian relief. On 8 March, chief executive Ben van Beurden apologised and announced a much wider withdrawal from Russian oil and gas. The surviving Shell statements, Reuters reports and contemporaneous records reveal how the controversy unfolded — and why the distinction between legal compliance and corporate responsibility became impossible to ignore. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

Shell CEO’s Shares Gain £4.7 Million During Iran War — Regulatory Filing Confirms €1.49 Million Share Sale as Oil Giant Reports $10.8 Billion Profits

Greenpeace says four leading oil executives have enjoyed nearly £19 million in increased shareholding value during the Iran conflict. Shell chief executive Wael Sawan accounts for more than £4.7 million of that estimate. But the most revealing evidence comes from Shell’s own regulatory disclosures, which confirm a substantial share disposal in May 2026.

By John Donovan — 30 October 2026

As the Iran conflict continues to disrupt international energy markets, new research by Greenpeace UK has drawn attention to the personal financial benefits experienced by some of the world’s most senior oil executives. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

Shell’s $6.4 Billion Pension Bombshell: SEC Disclosure Reveals Major Accounting Loss Expected as Dutch Retirement Scheme Changes

Shell’s latest financial statements reveal an anticipated $6.4 billion non-cash accounting loss arising from the transformation of its Dutch pension arrangements. The disclosure raises important questions about pension governance, regulatory oversight and the financial consequences of the transition — but it does not establish that pensioners will suffer corresponding losses.

By John Donovan — 30 October 2026

Just one day after Shell plc announced spectacular third-quarter earnings and another $5 billion share-buyback programme, a striking disclosure in the company’s financial statements deserves closer attention. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

THE SHELL LEAKS FILES — 29 OCTOBER 2026

SLF-2007-102

The Sakhalin Papers XCII: The Russian Exit — Shell’s 28 February 2022 Announcement and the Financial Reckoning

Four days after Russia launched its full-scale invasion of Ukraine, Shell announced that it would withdraw from its major Russian joint ventures and end its involvement in Nord Stream 2. The decision brought an extraordinary chapter in the company’s history towards its conclusion. The financial consequences were immediate: a $1.614 billion impairment relating to Sakhalin II, a $1.126 billion write-down of its Nord Stream 2 loan and billions more in Russia-related charges. Yet Shell’s subsequent accounts reveal that the withdrawal was neither instantaneous nor complete. The original corporate announcements, SEC filings and contemporaneous reporting establish precisely what happened — and why the consequences remained unresolved years later.

Archive reference: SLF-2007-102
Publication date: 29 October 2026
Collection: The Sakhalin Papers — Shell, Gazprom and Russia
Previous instalment: SLF-2007-101, The Sakhalin Papers XCI, 28 October 2026

Principal authenticated records: Shell plc announcement of 28 February 2022; Shell’s Nord Stream 2 financing announcement of 24 April 2017; Shell’s operational update of 7 April 2022; first-quarter financial results of 5 May 2022; Shell Annual Report and Form 20-F 2022; Shell Annual Report and Form 20-F 2025, filed with the US Securities and Exchange Commission on 12 March 2026. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

Shell’s $10.8 Billion Profit Bonanza: A $2.1 Billion Biogas Write-Down as LNG Canada Gains $1.8 Billion in Value

Shell’s latest financial results reveal a striking contrast: a multibillion-dollar reassessment of a European biogas investment, a substantial increase in the accounting value of an LNG-related asset, and another $5 billion earmarked for share buybacks. What does this tell shareholders about the company’s energy-transition strategy?

By John Donovan — 29 October 2026

Shell plc has today announced third-quarter adjusted earnings of $10.814 billion, almost double the $5.432 billion recorded for the corresponding quarter in 2025. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

ExposeShell Under the Microscope: A New Climate Archive, Six Decades of Documents and the Evidence Behind “Shell Knew”

By John Donovan — 29 October 2026

A newly launched website, ExposeShell.com, is drawing attention to historical evidence that Shell commissioned research into the climatic consequences of burning fossil fuels as early as 1966. The archive brings together material associated with British scientist James Lovelock, Shell’s later greenhouse-effect studies and legal claims arising from Typhoon Rai in the Philippines. But how strong is the evidence, what is genuinely new, and what would make the archive most valuable to independent researchers? read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

Shell Knew: Climate Activists Recreate a 1960s Boardroom Outside Shell Headquarters — as Historic Documents Return to Haunt the Oil Giant

By John Donovan — 29 October 2026

Climate campaigners dressed as 1960s oil executives staged a theatrical demonstration outside Shell’s London headquarters on 28 October, accusing the company of knowing about the dangers of fossil-fuel pollution for six decades. The protest coincided with the launch of a new archive containing historical Shell climate documents and preceded the company’s announcement of $10.8 billion in quarterly adjusted earnings. Behind the costumes, fake banknotes and mock boardroom behaviour lies a serious documentary question: what did Shell know about climate change, when did it know it, and what did it do with that knowledge? read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

Shell’s Profits Double to $10.8 Billion as Iran War Drives Energy Prices Higher — Shareholders Receive $5 Billion Buyback

By John Donovan — 29 October 2026

Shell has reported one of the largest quarterly profits in its history as the war involving Iran disrupts global energy supplies and pushes refining margins to record levels. The oil and gas giant announced adjusted earnings of $10.8 billion for the third quarter of 2026, almost double the equivalent figure a year earlier, while increasing its next share buyback programme to $5 billion. The results illustrate a troubling paradox: the same international conflict that has damaged energy infrastructure, disrupted fuel supplies and increased costs for consumers has also created exceptionally profitable trading and refining conditions for some of the world’s largest energy companies. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

Nord Stream Returns to the Headlines: Washington and Moscow Explore a Revival, but Brussels Says No — Where Does That Leave Shell?

By John Donovan — 28 October 2026

An extraordinary new chapter has opened in the Nord Stream controversy. Reuters reports that senior American and Russian figures have discussed bringing a US investor into the Baltic gas pipeline system. But the European Commission has responded with an unmistakable reminder: the European Union is legislating Russian gas out of its energy market. For Shell shareholders, the renewed controversy raises another question. What, if anything, remains recoverable from the $1.126 billion loan that Shell wrote down in 2022? read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

THE SHELL LEAKS FILES — 28 OCTOBER 2026

THE SHELL LEAKS FILES — 28 OCTOBER 2026

SLF-2007-101

The Sakhalin Papers XCI: The Security Report Withdrawn — How Germany’s October 2021 Approval Became a February 2022 Reversal

In October 2021, Germany’s economy ministry concluded that certifying Nord Stream 2 would not endanger European gas supplies. Its 54-page assessment acknowledged Russian state control of Gazprom, previous supply interruptions and objections from Poland and Ukraine. Four months later, Germany withdrew the assessment. The original document, subsequently released to the public, reveals what officials believed about Russian gas dependence before the invasion of Ukraine — and why the distinction between commercial infrastructure and geopolitical risk became so consequential for Shell’s investment.

Archive reference: SLF-2007-101
Publication date: 28 October 2026
Collection: The Sakhalin Papers — Shell, Gazprom and Russia
Previous instalment: SLF-2007-100, The Sakhalin Papers XC, 27 October 2026

Principal sources: German Federal Ministry for Economic Affairs, Security-of-Supply Assessment dated 26 October 2021; the ministry’s announcement dated 22 February 2022; Bundesnetzagentur certification proceedings BK7-21-056; Gas Transmission System Operator of Ukraine correspondence dated December 2021; the German-American joint statement of 21 July 2021; Court of Justice of the European Union judgment C-848/19 P; Shell’s original 2017 financing announcement; Shell’s announcement dated 28 February 2022; and Shell’s financial statements filed with the US Securities and Exchange Commission. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

THE SHELL LEAKS FILES — 27 OCTOBER 2026

THE SHELL LEAKS FILES — 27 OCTOBER 2026

SLF-2007-100

The Sakhalin Papers XC: Built but Not Approved — Germany’s November 2021 Decision and the Regulatory Battle Over Nord Stream 2

On 26 October 2021, Germany’s Federal Ministry for Economic Affairs concluded that certifying Nord Stream 2 would not endanger German or European gas supplies. Just three weeks later, Germany’s energy regulator suspended certification of the pipeline’s operator. The original government records reveal that these were not contradictory decisions: they concerned different legal requirements. Meanwhile, Polish and Ukrainian energy companies had been admitted to the proceedings, raising objections to Gazprom’s control of the project. The documentary trail shows how a completed pipeline, backed by almost €9.5 billion in planned investment, remained unable to begin commercial operations — and how Shell’s substantial financing ultimately became a $1.126 billion write-down.

Archive reference: SLF-2007-100
Publication date: 27 October 2026
Collection: The Sakhalin Papers — Shell, Gazprom and Russia
Previous instalment: SLF-2007-099, The Sakhalin Papers LXXXIX, 26 October 2026

Principal sources: German Federal Network Agency certification proceedings, Case BK7-21-056; German Federal Ministry for Economic Affairs security-of-supply assessment dated 26 October 2021; original German regulatory announcement of 16 November 2021; Polish PGNiG and Ukrainian Naftogaz corporate statements; contemporaneous Reuters reporting; German Energy Industry Act; Düsseldorf Higher Regional Court proceedings; European General Court judgment of 27 November 2024; and Shell’s authenticated financial disclosures filed with the US Securities and Exchange Commission. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

ADMISSIONS AND APOLOGIES BY SHELL

ADMISSIONS AND APOLOGIES BY SHELL

A documented chronology of corporate failures, public acknowledgements, apologies and admissions of responsibility

Updated 26 October 2026 | Historical record and additional sources

The history of Royal Dutch Shell, now Shell plc, includes a substantial record of occasions when the company or its executives acknowledged serious mistakes, admitted failures, apologised for corporate conduct or accepted responsibility for events with significant consequences.

These admissions concern matters ranging from the misstatement of billions of barrels of oil and gas reserves to failures of offshore safety, environmental damage, bribery, project mismanagement and inadequate communication with affected communities. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.