We conduct training and awareness campaigns for staff and provide them with travel and health advice and access to 24/7 assistance while travelling. Our reputation is an important asset. Therefore, if HSSE risks materialise, they could have a material adverse effect on our earnings, cash flows and financial condition. Commodity trading is an important component of our Upstream, Integrated Gas, Oil Products and Chemicals businesses and is integrated with our supply business. Our future performance depends on the successful development and deployment of new technologies and new products. While we expect the earlier closing down of the Groningen gas field to further reduce the number and strength of earthquakes in the region, any additional earthquakes could have further adverse effects on our earnings, cash flows and financial condition. Processing, managing and monitoring many trading transactions across the world, some of them complex, exposes us to operational and market risks, including commodity price risks which saw significant levels of volatility in 2020. These factors continue to contribute to potential breaches and disruptions of critical IT services. We test the economic and operational resilience of our Nigerian projects against a wide range of assumptions and scenarios. Senior Management regularly reviews mandated trading limits. Our insurance subsidiaries provide hazard insurance coverage to other Shell entities, who may insure a portion of their risk exposures with third parties. Find out how to contact our Media Relations team across the world. We do it to be open and honest, and to demonstrate how we are contributing to sustainable development. Management believes it has access to sufficient debt funding sources (capital markets) and to undrawn committed borrowing facilities to meet foreseeable requirements. Our Annual Report, Sustainability Report, Tax Contribution Report and other annual publications are available online and as PDF download. It also features a 2017 report comparison tool, download centre, chart generator and … Currently, oil prices continue to steadily inch upward to their highest in twelve months, reflecting the optimistic tone of several reports. Even in cases where we have not expressly retained certain liabilities, we may still be held liable for past acts, failures to act or liabilities that are different from those foreseen. Technology and innovation are essential to our efforts to meet the world’s energy demands competitively. We are prepared to exit a country if we believe we can no longer operate there in accordance with our standards and applicable law, and we have done so in the past. Additionally, breaches can lead to data privacy issues. Our operations are subject to extensive HSSE regulatory requirements that often change and are likely to become more stringent over time. The effectiveness of the trade compliance programme is assessed annually (or more frequently if necessary). SHELL PUBLISHES ANNUAL REPORT AND ACCOUNTS. Page numbers and section cross-references in the Appendix below refer to pages and sections in the 2020 Annual Report and Accounts. Overall, mitigation of the risk is addressed through our strategy to accelerate the transition to net-zero emissions, purposefully and profitably. During the period of extreme market volatility, additional oversight has been provided by a dedicated 'Liquidity Forum', chaired by senior executives in our trading organisation. -1 Directors’ Remuneration Report Shell Annual Report 2018 The Directors’ Remuneration Report for the year ended December 31, 2018 sets out the work of the Remuneration Committee (REMCO) in 2018 and how the policy that was approved by shareholders at the 2017 Annual … To reduce the likelihood of successful cyber-attacks, our cyber-security capabilities are embedded into our IT systems. Shell appoints a Joint Venture Asset Manager, whose responsibility is to manage performance and create and protect value for Shell. As seen in recent years, these risks can manifest themselves in the countries where we operate and elsewhere. The USA introduced further restrictions regarding Russia in 2017, expanding them in 2018. Liabilities associated with defined benefit pension plans are significant, and the cash funding requirement of such plans can also involve significant liabilities. The Annual Report and Form 20-F, Sustainability report and the Investors’ Handbook are available on our report website. We and our joint arrangements and associates also face the risk of litigation and disputes worldwide. Violations of antitrust and competition laws carry fines and expose us and/or our employees to criminal sanctions and civil suits. We use debt instruments, such as bonds and commercial paper, to raise significant amounts of capital. Volatility in capital markets or government policies could affect investment performance and interest rates, causing significant changes to the funding level of future liabilities. Accordingly, price fluctuations could have a material adverse effect on our earnings, cash flows and financial condition. state whether international accounting standards in conformity with the requirements of the UK Companies Act 2006, International Financial Reporting Standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union and International Financial Reporting Standards as issued by the IASB have been followed. It requires mandatory breach notification in certain situations, the standard which is also followed outside the EU (particularly in Asia). We have revised the requirements for incident management that are set out in our Binding Corporate Rules, in order to comply with GDPR reporting requirements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. GLOBAL — Shell’s Annual Report should be seen as a clear warning to investors that the age of fossil fuels is coming to an end, according to campaigners with 350.org. Given the ongoing nature of the pandemic, there will be uncertain long-term fiscal consequences, with possible subsequent effects on government policies that affect Shell’s business interests. Shell is a global group of energy and petrochemical companies. Learn more about careers at Shell. The USA continues to impose comprehensive sanctions against Iran, while the EU and other nations continue to maintain targeted sanctions. See “Liquidity and capital resources” on page 81 and Note 19 to the “Consolidated Financial Statements” on pages 251-255. Find a job. Such developments and outcomes could have a material adverse effect on our earnings, cash flows and financial condition.
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