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A year of turmoil for Shell following the disclosure that its oil and gas reserves are overstated by 23 per cent in filings to the US Securities and Exchange Commission.

The removal of 4.47 billion barrels leads to the sacking in March of Sir Philip Watts, chairman of the company’s committee of managing directors and the head of exploration, Walter Van de Vijver.

Shell agrees to pay a penalty of $125 million to the SEC for violating its reporting rules. It also agrees to pay a record fine of £17 million to the UK Financial Services Authority for market abuse.

Shell responds to the anger of its shareholders with a promise to review its structure and in November reveals plans to merge its two holding companies, Royal Dutch Petroleum and Shell Transport & Trading.

In addition it agrees to unite its dual boards and replace the management committee with a single chief executive, Jeroen van der Veer.

In November the company takes the unusual step of delaying its annual meeting by two months, amid doubts about its oil reserves. Investors had been due to vote on the restructuring at the annual meeting in April, but the meeting will now take place on June 28. The company describes the move as a prudent measure.

Cairn Energy, the Edinburgh exploration group, discovered oil in western India, quadrupling its share price and propelling the company into the FTSE 100 index. However, a late-year hiccup wiped almost 30 per cent off its share price.

RETAILING

Philip Green, the owner of Bhs, sends shock waves through the retail world in May after making public his intention to acquire Marks & Spencer, the department store chain embroiled in a desperate attempt to stem falling sales.

Stuart Rose, the former chief executive of Arcadia, is parachuted in to head M&S, after Roger Holmes, chief executive, is ousted. The board of the retailer also ousts Luc Vandevelde, the chairman, replacing him with Paul Myners.

Mr Rose twice rejects indicative takeover proposals from Mr Green, including an £8.4 billion offer. Mr Green has pinned his hopes for success on the support of US-based institutional investors, who between them control about 20 per cent of the stock.

Philip Green walks away in July, after concluding that the board of M&S would not co-operate with any approach made by his Revival bid vehicle.

After successfully fending off a proposed £9.1 billion takeover bid from Mr Green, Stuart Rose takes steps to revitalise trading at the high-street retailer. Marks & Spencer this week launches the biggest sales drive in its 120-year history in an attempt to lure shoppers from high-street rivals.

The store is offering up to 50 per cent off ranges across its stores.

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