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The Pentagon and the White House are handling the Reserve issue with great care.
"Absolutely no accounting issue," Mr. Lay told analysts, "no trading issue, no reserve issue, no previously unknown problem issues" are behind the departure.
As Pentagon officials considered the Reserve issue, Deputy Defense Secretary Paul D. Wolfowitz asked NATO nations in Brussels to contribute forces to an American-led military campaign to oust President Saddam Hussein.
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So they don't have loss reserve issues that others do.
Mr. van de Vijver, then head of exploration and production, sent a memorandum to the audit committee explaining a host of reserve issues.
"They were shaking with fear when they were talking – not about the reserving issue that was going to get them into trouble.
The documents show that beginning late last summer, the company grew increasingly concerned about the reserves issue after audit reports of some reserves, a tougher accounting interpretation by the S.E.C. and passage in 2002 of the Sarbanes-Oxley Act, which imposes additional obligations on executives and audit committees.
Shell's new chairman, Mr. van der Veer, acknowledged yesterday that he "did not appreciate the severity and magnitude" of the reserves issue when, as a member of a small committee of senior executives, he received memos about them in 2002 and 2003.
"Certainly this is not a First Nations community or on-reserve issue at all," Pearce says.
Inspectors general, the government's internal watchdogs, are usually reserved, issuing reports that tend to be dense and rather dry.
A rights issue is also a possibility, albeit only likely a necessity if other reserving issues arise in coming months.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com