2024-11-14T09:42:40-06:00 2023-12-31 135565207 KPMG LLP 500 W 5TH STREET SUITE 800 WINSTONSALEM NC 27101 990 2023-01-01 980368454 SHELL FOUNDATION SHEL 2079344262 THE EMBASSY TEAM HOUSE 5TH FL LONDON LONDON UK SE1 0LN WILLIAM SUMNER FINANCE MANAGER 2079344262 2024-10-21 1 0 SHAWN HUTCHINSON P01048557 3362753394 2023 2024-10-15 13:58:12Z X SHELL FOUNDATION WILLIAM SUMNER THE EMBASSY TEA HOUSE 195-205 UNION STREET LONDON LONDON UK SE1 0LN 102902316 0 X WWW.SHELLFOUNDATION.ORG X 2000 UK SEE SCHEDULE O. 8 8 1 7 0 0 22674878 17243087 0 0 18063990 10919229 0 0 40738868 28162316 13211336 14005935 0 0 5230198 4425669 0 0 0 11243962 6956475 29685496 25388079 11053372 2774237 620710958 665369498 22572078 21233692 598138880 644135806 SHELL FOUNDATION IS A UK REGISTERED CHARITY THAT ENABLES MILLIONS OF UNDERSERVED PEOPLE TO EARN A LIVING INCOME WITH CLEAN ENERGY ACCESS IN AFRICA AND ASIA. (CONTINUED ON SCHEDULE O) 0 0 4080900 3056667 SMALLHOLDER FARMERS: THOSE MOVING FROM SUBSISTENCE TO CMMERCIAL FARMING ON LESS THAN FIRE ACRES OF LAND; WHO CAN ACHEIVE A LIVING INCOME WHEN THEY CAN PRODUCE CROPS EFFICIENTLY AND GET THAT PRODUCE TO MARKET IN GOOD CONDITION. 7503043 6587320 MICROENTREPRENEURS: URBAN, PERI-URBAN AND RURAL MICRO-ENTERPRISE OWNERS ENGAGED IN THE SMALLSCALE PROVISION OF GOODS AND SERVICES FOR WHOM RELIABLE AND APPROPRIATE POWER CAN CONTRIBUTE TO LONGER OPENING HOURS, LOWER COSTS, WITH NET INCOME INCREASE. 5652754 4361948 URBAN TRANSPORTERS: MOVERS OF PEOPLE AND GOODS WHOSE INCOME CAN INCREASE BY AS MUCH AS 35% BY SHIFTING TO ELECTRIC VEHICLES FROM PETROL OR DIESEL VEHICLES. 17236697 0 1 0 0 1 0 0 0 1 0 0 1 0 1 0 1 1 0 1 1 1 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 1 1 0 1 UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 0 1 1 0 X WILLIAM SUMNER 2079344262 THE EMBASSY TEA HOUSE 195-205 UNION LONDON LONDON UK SE1 0LN MS GAIL KLINTWORTH TRUSTEE - CHAIR 1.00 0.00 X 31043 0 0 MS VINITA BALI TRUSTEE 1.00 0.00 X 0 0 0 MS ALICE GEORGINA CHAPPLE TRUSTEE 1.00 0.00 X 0 0 0 MR GRZEGORZ LUKASZ GUT TRUSTEE 1.00 0.00 X 0 0 0 MS SINEAD CAITLIN LYNCH TRUSTEE 1.00 0.00 X 0 0 0 MR JACK MUGO NGARE TRUSTEE 1.00 0.00 X 0 0 0 MS OLUFUNKE OLAYEMI OPEKE TRUSTEE 1.00 0.00 X 0 0 0 MR HUIBERT HANS VIGEVENO TRUSTEE 1.00 0.00 X 0 0 0 MR JONATHAN BERMAN CHIEF EXECUTIVE OFFICER 40.00 0.00 X 455663 0 0 MR RICHARD GOMES CHIEF PROGRAMME OFFICER 40.00 0.00 X 281960 0 0 MS RACHEL SINGH DAVIES CFO AND COMPANY SECRETARY 40.00 0.00 X 231562 0 0 MR WILLIAM SUMNER FINANCE MANAGER 40.00 0.00 X 194438 0 0 MS MEERA SHAH PORTFOLIO LEAD FARMERS 40.00 0.00 X 227895 0 0 MR NICHOLAS JONES MARKET DEVELOPMENT MANAGER 40.00 0.00 X 181443 0 0 MS EMMA STEPHENSON PORTFOLIO LEAD TRANSPORTERS 40.00 0.00 X 171489 0 0 MS HEIDI HAFES DE&I LEAD 40.00 0.00 X 164982 0 0 MR ASHISH KUMAR PORTFOLIO INNOVATION MANAGER 40.00 0.00 X 169012 0 0 2109487 0 0 21 1 1 0 0 7073476 10169611 17243087 10718229 10718229 74941000 74740000 201000 201000 201000 28162316 0 0 10919229 2795761 2795761 11210174 11210174 4425669 2469244 1956425 772958 772958 432469 432469 181810 181810 952228 952228 2431359 2431359 662818 662818 794688 761518 33170 OTHER EXPENSES 691174 691174 EXCHANGE (GAIN)/LOSS 36971 36971 25388079 17236697 8151382 0 13210416 15650371 5173100 4338029 534722708 570711757 67604734 74669341 620710958 665369498 7024298 8285742 13296360 12312434 2251420 635516 22572078 21233692 X 571763037 615247046 26375843 28888760 598138880 644135806 620710958 665369498 2774237 42559871 662818 0 X 0 1 X 1 1 1 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 5780720 5780720 1 1 534722708 64489049 -28500000 570711757 6170355724 -69813016 -12500000 534722708 577251894 61187326 -21500000 617035724 521251894 64096505 -8000000 577348398 459307795 79444099 -17139142 -360858 521251894 1.00000 0 1 1 0 ENERGY ENTREPRENEURS GROWTH FUND (EEFG) INVESTMENT 14821470 F GROFIN AFRICAN FUND (GAF) - INVESTMENT 225364 F GROFIN SMALL AND GROWING BUSINESSES FUND (SGB)- INVESTMENT 1203682 F RESPONSIBILITY ENERGY ACCESS FUND - INVESTMENT 1350000 F MIROVA GIGATON FUND INVESTMENT 3000000 F EQUATOR AFRICA FUND LP 1181034 F ECHO VC ECO PILOT FUND I LP 400000 F FACTOR (E) - LOAN RECEIVABLE 14868117 F HUSK POWER SYSTEMS INC. - LOAN RECEIVABLE 216667 F PERSISTENT ENERGY CAPITAL - LOAN RECEIVABLE 3140752 F BUEN MANEJO DEL CAMPO S.A. (SISTEMA BIOBOLSA) - LOAN RECEIVABLE 1098916 F NOMOU IRAQ FUND - INVESTMENT 3802520 F AAVISHKAAR VENTURES MANAGEMENT SERVICES INTEREST BEARING CONVERTIBLE DEBT 9999990 F NORTHERN IRAQ INVESTMENTS 7820980 F NAYO TROPICAL TECHNOLOGY LOAN RECEIVABLE 479432 F SCIENCE FOR SOCIETY TECHNO SERVICES (S4S) LOAN RECEIVABLE 212481 F SHORTLIST LOAN RECEIVABLE 87465 F CARDECHO B.V. LOAN RECEIVABLE 700000 F SIMA ANGAZA DISTRIBUTOR FINANCING FUND INVESTMENT 625000 F METRO AFRICA EXPRESS LOAN RECEIVABLE 597976 F ENERGY COMPANY OF THE FUTURE LTD (KONEXA) LOAN RECEIVABLE 58333 F ODYSSEY ENERGY SOLUTIONS LOAN RECEIVABLE 345693 F PULA ADVISORS LIMITED LOAN RECEIVABLE 8333 F JALI FINANCE LIMITED LOAN RECEIVABLE 58054 F NAVALT SOLAR AND ELECTRIC BOATS PRIVATE LTD LOAN RECEIVABLE 550989 F NITHIO FI B.V. LOAN RECEIVABLE 395072 F ROVINGHEIGHTS NIGERIA - LOAN RECEIVABLE 150012 F M-KOPA HOLDINGS LTD - LOAN RECEIVABLE 146262 F LORENTZ IMPACT ACCELERATOR GMBHM- LOAN RECEIVABLE 105506 F KOFA HOLDINGS LIMITED - LOAN RECEIVABLE 518508 F ARISTO SECURITIES PVT LTD - LOAN RECEIVABLE 707120 F AMPERSAND RWANDA LIMITED 458350 F SISTEMA.BIO (INDIA) 1092956 F HAMARA GRID PRIVATE LIMITED 1915338 F MUFIN GREEN FINANCE LIMITED 801458 F HAVENHILL SYNERGY LIMITED 263325 F A4&T POWER SOLUTIONS LIMITED 262186 F AFEX FAIR TRADE LIMITED 1000000 F 74669341 GRANTEES DUE AFTER ONE YEAR 433927 PERFORMANCE SHARE PLANS 201589 635516 83491093 54665959 662818 55328777 28162316 0 28162316 37494167 12106088 12106088 25388079 0 25388079 PART XII, LINE 2D - OTHER ADJUSTMENTS: UNREALIZED EXCHANGE LOSS 2,317,526. UNREALIZED IMPAIRMENT LOSS 9,788,562. 1 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 1 31 GRANTMAKING GRANT EXPENSES 3631063 SOUTH ASIA - AFGHANISTAN, BANGLADESH, BHUTAN, INDIA, MALDIVES, NEPAL, 0 0 GRANTMAKING GRANT EXPENSES 4563474 SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO, 0 6 GRANTMAKING GRANT EXPENSES 3015637 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES PROGRAM SERVICE EXPENSES 3230762 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM-RELATED INVESTMENTS INVESTMENTS 6857760 MIDDLE EAST AND NORTH AFRICA - ALGERIA, BAHRAIN, DJIBOUTI, EGYPT, 0 0 PROGRAM-RELATED INVESTMENTS INVESTMENTS 2000000 1 37 0 0 1 37 23298696 0 23298696 EUROPE (INCLUDING ICELAND & GREENLAND) 4 R DIGITAL LIMITED 1000000 BANK TRANSFER 0 EUROPE (INCLUDING ICELAND & GREENLAND) PASH ADVISORY LLP 500000 BANK TRANSFER 0 EUROPE (INCLUDING ICELAND & GREENLAND) EQUATORIAL POWER 433214 BANK TRANSFER 0 EUROPE (INCLUDING ICELAND & GREENLAND) SEE STATEMENT 2100000 BANK TRANSFER 0 SOUTH ASIA SEE STATEMENT 3200000 BANK TRANSFER 0 SOUTH ASIA SISTEMA.BIO 1200383 BANK TRANSFER 0 SOUTH ASIA SEE STATEMENT 968148 BANK TRANSFER 0 SOUTH ASIA SEE STATEMENT 1400000 BANK TRANSFER 0 SOUTH ASIA SEE STATEMENT 2103302 BANK TRANSFER 0 SUB-SAHARAN AFRICA AFEX FAIR TRADE 2000000 BANK TRANSFER 0 SUB-SAHARAN AFRICA ROVINGHEIGHTS 336590 BANK TRANSFER 0 SUB-SAHARAN AFRICA GLOBOLOGY LIMITED 76205 BANK TRANSFER 0 SUB-SAHARAN AFRICA AMPERSAND RWANDA 770000 BANK TRANSFER 0 SUB-SAHARAN AFRICA SEE STATEMENT 470000 BANK TRANSFER 0 SUB-SAHARAN AFRICA OPEN CAPITAL GROUP 432842 BANK TRANSFER 0 SUB-SAHARAN AFRICA SEE STATEMENT 995678 BANK TRANSFER 0 SUB-SAHARAN AFRICA SEE STATEMENT 992968 BANK TRANSFER 0 SUB-SAHARAN AFRICA SUNCULTURE - GRANT 500000 BANK TRANSFER 0 SUB-SAHARAN AFRICA HAVENHILL SYNERGGY 1000000 BANK TRANSFER 0 2 17 0 0 0 0 0 0 PART II LINE 1 COLUMN D - PURPOSE OF FRANT (1). GOGLA (GLOBAL OFF-GRID LIGHTING ASSOCIATION) (2). SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (SIDBI) (3). MUFIN GREEN FINANCE LIMITED (4). VILLGRO INNOVATIONS FOUNDATION (5). HAMARA GRID PRIVATE LIMITED (6). PRECISE CONSULT INTERNATIONAL PRIVATE LIMITED COMPANY (7). A4&T POWER SOLUTIONS KIMITED (A4T) (8). NAYO TROPICAL TECHNOLOGY LTD 1 AFRICA MINIGRID DEVELOPERS ASSOCIATION 6550 NEVADA PLACE DENVER CO 80224 832355725 501(C)(3) 1100000 0 OTHER NA SEE IN SUPPLEMENTAL INFORMATION ODYSSEY ENERGY SOLUTIONS INC 1519 PINE ST UNIT 1 BOULDER CO 80302 815443036 1398000 0 OTHER NA SUPPORT EXPANSION OF ODYSSEYS RBF PLATFORM ACROSS NEWER APPLICATIONS TOWARDS A PATH TO VIABILITY MIROVA AFRICA INC 2810 N CHURCH STREET WILMINGTON DE 19802 364747545 300000 0 OTHER NA SEE IN SUPPLEMENTAL INFORMATION 1 2 PART II, LINE 3, COLUMN H: FUND INVESTMENT OFFICER POSITION FOR 2 YEARS TO DELIVER ON E-MOBILITY DEALS AND TO ESTABLISH A CREDIT RATING METHODOLOGY. PART II, LINE 4, COLUMN H: WRI INDIA WILL IMPLEMENT A PUBLIC-PRIVATE-COLLABORATION (PPC) WITH UP TO THREE E3W COMPANIES AND SUPPLEMENTARY SOLUTION PROVIDERS, AND METRO RAIL IN HYDERABAD, WITH CONCURRENT WORKSTREAMS TO ENGAGE ON TARGETED POLICIES IMPACTING E3W COMPANIES AND ADDRESS INVESTMENT NEEDS KEY TO SCALING AND SUSTAINABILITY OF THE BUSINESS MODELS. PART II, LINE 1, COLUMN H: THIS GRANT COVERS THE CONTINUED SCALE-UP OF AMDA'S WORK, SEEKING TO BUILD UPOIN AMDAS PROGRESS AND STRONG TRACTION IN MARKET TO DATE, AND WILL ALLOW IT TO EFFECTIVELY SCALE ITS INITIATIVES AND COUNTRY REPRESENTATION IN ORDER TO HELP REACH THE TIPPING POINT OUTCOMES NEEDED TO POSITIVELY SCALE THE MINI-GRID SECTOR. AMDAS WORK WILL FOCUS ON ITS THREE CORE WORKSTREAMS WHICH ARE ESSENTIAL FOR OVERCOMING EXISTING MARKET BARRIERS BUILDING THE SECTOR ROADMAP FOR SCALE AND PROFITABILITY, NATIONAL POLICY AND REGULATORY SUPPORT FOR IMPROVED INEVITABILITY, AND PAN-AFRICAN ADVOCACY TO IMPROVE GLOBAL UNDERSTANDING AND ENDORSEMENT OF M INIGRIDS AS THE DUAL SOLUTION FOR CLIMATE RESILIENCE AND UNIVERSAL ELECTRIFICATION AS WELL AS CONTINUED IMPROVEMENTS IN ITS ORGANIZATIONAL EFFECTIVENESS, PARTICULARLY AROUND ITS LOCAL LEADERSHIP STRUCTURE. X X X 0 0 1 0 0 0 0 1 0 MR JONATHAN BERMAN CHIEF EXECUTIVE OFFICER 328325 0 78089 0 49249 0 0 0 0 0 455663 0 39580 0 MR RICHARD GOMES CHIEF PROGRAMME OFFICER 281960 0 0 0 0 0 0 0 0 0 281960 0 0 0 MS RACHEL SINGH DAVIES CFO AND COMPANY SECRETARY 231562 0 0 0 0 0 0 0 0 0 231562 0 0 0 MS MEERA SHAH PORTFOLIO LEAD FARMERS 227895 0 0 0 0 0 0 0 0 0 227895 0 0 0 MR WILLIAM SUMNER FINANCE MANAGER 194438 0 0 0 0 0 0 0 0 0 194438 0 0 0 MR NICHOLAS JONES MARKET DEVELOPMENT MANAGER 181443 0 0 0 0 0 0 0 0 0 181443 0 0 0 MS EMMA STEPHENSON PORTFOLIO LEAD TRANSPORTERS 171489 0 0 0 0 0 0 0 0 0 171489 0 0 0 MR ASHISH KUMAR PORTFOLIO INNOVATION MANAGER 169012 0 0 0 0 0 0 0 0 0 169012 0 0 0 MS HEIDI HAFES DE&I LEAD 164982 0 0 0 0 0 0 0 0 0 164982 0 0 0 PART I, LINE 4C: SOME SHELL FOUNDATION STAFF ARE ELIGIBLE FOR THE PERFORMANCE SHARE SCHEME OF SHELL PLC. THIS DATA IS NOT AVAILABLE TO SHELL FOUNDATION AT INDIVIDUAL LEVEL. PART I, LINE 7: THE ORGANIZATION OFFERS BONUSES TO PERSONS EMPLOYED BY THE ORGANIZATION. THESE BONUSES ARE CALCULATED WITH A FORMULA. THE DECISION TO AWARD BONUSES IS DISCRETIONARY AND INDIVIDUAL DETAILS ARE NOT KNOWN DUE TO DATA PROTECTION REGULATIONS. PART II, LINE 1: NAME: ALL LISTED EMPLOYEES DESCRIPTION: WE ARE PROVIDING ONLY NAME OF THE TRUSTEES, OFFICERS, AND EMPLOYEES AND NOT PROVIDING THE COMPENSATION DETAILS OF THE EMPLOYEES SECONDED BY SHELL FOUNDATION DUE TO DATA PROTECTION REGULATIONS. HOWEVER, WE HAVE DISCLOSED THE DETAILS OF CEO (MR JONATHAN BERMAN) WHO IS EMPLOYED DIRECTLY BY SHELL FOUNDATION AND REMUNERATION PAID TO TRUSTEE (GAIL KLINTWORTH) FOR HER SERVICES. PART I, LINE 1: SHELL FOUNDATION IS A UK REGISTERED CHARITY THAT ENABLES MILLIONS OF UNDERSERVED PEOPLE TO EARN A LIVING INCOME WITH CLEAN ENERGY ACCESS IN AFRICA AND ASIA. IT FOCUSES ON THREE CORE CUSTOMER GROUPS: SMALLHOLDER FARMERS, URBAN TRANSPORTERS AND MICROENTREPRENEURS. THESE THREE SEGMENTS REPRESENTS THE LARGEST NUMBER OF PEOPLE WHOSE INCOME CAN BE MATERIALLY INCREASED THROUGH CLEAN ENERGY. FORM 990, PART VI, SECTION A, LINE 6 THE SOLE MEMBER OF THE FOUNDATION IS THE SHELL PETROLEUM COMPANY LIMITED. FORM 990, PART VI, SECTION A, LINE 7A THE SOLE MEMBER OF THE FOUNDATION IS THE SHELL PETROLEUM COMPANY LIMITED. THE EIGHT TRUSTEES ARE APPOINTED BY THE SHELL PETROLEUM COMPANY LIMITED. THERE ARE NO MATERIAL DIFFERENCES IN VOTING RIGHTS AMONGST MEMBERS OF THE GOVERNING BODY. THE BOARD IS SUPPORTED FOR THE FINANCIAL RESULTS AND STATUTORY RETURNS, INTERNAL CONTROLS AND RISKS ASSOCIATED WITH THE ACTIVITIES AND APPROPRIATE MITIGATION MEASURES IN RESPECT OF THESE BY AN AUDIT AND RISK COMMITTEE, BY AN INVESTMENT COMMITTEE FOR THE ENDOWMENT INVESTMENT RETURNS, STRATEGIC ASSET ALLOCATION AND PERFORMANCE OF THE FUND MANAGER AND BY A REMUNERATION COMMITTEE FOR THE PERFORMANCE AGAINST PRE-DETERMINED ANNUAL TARGETS. FORM 990, PART VI, SECTION A, LINE 7B THE SOLE MEMBER OF THE FOUNDATION IS THE SHELL PETROLEUM COMPANY LIMITED. THE EIGHT TRUSTEES ARE APPOINTED BY THE SHELL PETROLEUM COMPANY LIMITED. THERE ARE NO MATERIAL DIFFERENCES IN VOTING RIGHTS AMONGST MEMBERS OF THE GOVERNING BODY. THE BOARD IS SUPPORTED FOR THE FINANCIAL RESULTS AND STATUTORY RETURNS, INTERNAL CONTROLS AND RISKS ASSOCIATED WITH THE ACTIVITIES AND APPROPRIATE MITIGATION MEASURES IN RESPECT OF THESE BY AN AUDIT AND RISK COMMITTEE, BY AN INVESTMENT COMMITTEE FOR THE ENDOWMENT INVESTMENT RETURNS, STRATEGIC ASSET ALLOCATION AND PERFORMANCE OF THE FUND MANAGER AND BY A REMUNERATION COMMITTEE FOR THE PERFORMANCE AGAINST PRE-DETERMINED ANNUAL TARGETS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM AND ACCOMPANYING SCHEDULES ARE INITIALLY PREPARED AND REVIEWED BY THE SHELL FOUNDATION FINANCE TEAM. WHERE NECESSARY, ADVICE IS SOUGHT AND FINALLY THE FORM IS REVIEWED AND SIGNED BY THE SHELL FOUNDATION CHIEF FINANCIAL OFFICER. FORM 990, PART VI, SECTION B, LINE 12C SHELL FOUNDATION HAS DOCUMENTED BUSINESS PRINCIPLES, WHICH INCLUDES A STATEMENT RELATING TO CONFLICTS OF INTEREST: "STAFF MUST AVOID CONFLICTS OF INTEREST BETWEEN THEIR PRIVATE FINANCIAL AFFAIRS AND THEIR PART IN THE CONDUCT OF THE SHELL FOUNDATION ACTIVITIES. STAFF MUST ALSO DECLARE TO SHELL FOUNDATION ANY POTENTIAL CONFLICTS OF INTEREST." WE MONITOR THIS THROUGH THE FOLLOWING PROCESSES; MAINTAIN A REGISTER OF GIFTS AND HOSPITALITY GIVEN, RECEIVED OR OFFERED; MAINTAIN A REGISTER OF RELATED TRANSACTIONS, MAINTAIN A REGISTER OF OTHER OFFICES HELD; TRUSTEES ANNUALLY DECLARE ANY RELATED PARTIES." ALL DECISION-MAKING PROCEDURES HAVE CONFLICT OF INTEREST DECLARATIONS BUILT INTO THEM, BOTH IN FORMAL DOCUMENTATION AND AT THE START OF EVERY DECISION-MAKING MEETING. CONFLICTS DECLARED ARE MINUTES FOR THE RECORDS AND INDIVIDUALS WITH SUCH CONFLICTS REMOVE THEMSELVES FROM FURTHER INVOLVEMENT IN THAT DECISION. PROCEDURES APPLY EQUALLY TO STAFF, TRUSTEES, ADVISORS AND VOLUNTEERS. SHELL FOUNDATION'S FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC VIA ITS WEBSITE UK COMPANIES HOUSE AND UK CHARITIES COMMISSION. SHELL FOUNDATION'S GOVERNING DOCUMENTS ARE AVAILABLE TO THE PUBLIC ON REQUEST. THE FOUNDATION DOES NOT MAKE ITS CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. FORM 990, PART VI, SECTION B, LINE 15 SHELL FOUNDATION IS A REGISTERED CHARITY AND, UNDER UK CHARITY LAW, ITS BOARD OF TRUSTEES IS OBLIGATED TO ACT INDEPENDENTLY IN ACCORDANCE WITH ITS CHARITABLE OBJECTIVES. ALTHOUGH THE SHELL PETROLEUM COMPANY LIMITED IS THE SOLE MEMBER OF THE SHELL FOUNDATION THE FOUNDATION IS NOT CONSOLIDATED WITHIN THE FINANCIAL RESULTS OF THE SHELL PLC GROUP BECAUSE IT IS AN INDEPENDENT CHARITY. THE OFFICERS AND THE KEY STAFF OF THE SHELL FOUNDATION ARE EMPLOYED BY SHELL GROUP, A RELATED ORGANIZATION AND SHELL FOUNDATION. FORM 990, PART VI, SECTION C, LINE 19 THE ARTICLES OF ASSOCIATION OF SHELL FOUNDATION ARE AVAILABLE TO THE PUBLIC ON THE UK COMPANIES HOUSE WEBSITE, AS REQUIRED BY LAW. THE FINANCIAL STATEMENTS ARE AVAILABLE ON THE COMPANIES HOUSE WEBSITE, ON THE SITE OF THE CHARITY COMMISSION OF ENGLAND AND WALES, AND ON THE FOUNDATION'S OWN WEBSITE. THE FOUNDATION DOES NOT MAKE ITS CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. SHELL INTERNATIONAL LIMITED 20 YORK ROAD SEI 7NA LONDON LONDON UK CORPORATE SERVICE UK C 0 SHELL ASSET MANAGEMENT COMPANY 2596 HR THE HAGUE NETHERLANDS SOUTH HOLLAND NL ASSET MANAGEMENT NL C 0 BG GROUP LTD SHELL CENTRE SEI 7NA LONDON LONDON UK CORPORATE HOLDING UK C 0 SHELL TRADING INTERLATION LTD SHELL CENTRE SEI 7NA LONDON LONDON UK OPERATING COMPANY UK C 0 SHELL PLC SHELL CENTRE SEI 7NA LONDON LONDON UK ULTIMATE PARENT COMPANY UK C 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0