None of the senior executives ousted by Royal Dutch/Shell Group will receive annual bonuses for 2003, the company said in an annual report issued Friday. The company also will not pay bonuses to its current management team because production targets were not met last year.

According to the annual report, former Chairman Sir Philip Watts, who was fired in March, received his annual salary of $1.56 million in 2003. However, the Shell remuneration committee decided Watts would be denied the annual bonus, which is typically at least half of the annual pay.

The committee also decided that Watts would not be entitled to 50% of the stock options granted in 2001 because the company also did not meet its performance targets. Former exploration chief Walter van de Vijver, who also resigned earlier this year, will not receive a bonus for 2003 either. Severance payments to the ousted employees were not disclosed.

The annual report said that Shell is continuing to negotiate with the Securities and Exchange Commission, which has been investigating the company’s proven reserve restatements. Shell also is being investigated by European regulators, and is facing numerous lawsuits from investors.

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