Shell To Commit To Audits

British oil giant Shell has been called on by California Public Employees' Retirement System, the largest US pension funds, to commit to annual external audits of its oil and gas reserves.

The call from Calpers follows Shell's disclosure last month that it may have to downgrade a further 900m barrels of proved reserves.

Calpers said they suppose external audits would boost confidence in Shell.

Shell said it was committed to adherence to US accounting principles but declined to comment on the Calpers proposal.