By Leonard Hyman and William Tilles for Oilprice.com
Investors were more than annoyed when Royal Dutch Shell slashed its dividend by two thirds. Just last year, the giant oil company announced its plan to pay out huge dividends over the coming five years. Actually, the investors used stronger terms than “annoyed.” They had reason to be annoyed after the strong commitment to the dividend, but maybe they should have previously shown a greater skepticism about the ability of any management to make such a commitment. Times change and perhaps no managements or boards should publicly commit to actions so far ahead of time.
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