Oil giant Royal Dutch/Shell is to unify the boards of its Dutch and British holding companies as a "minimum" concession to shareholders who want change, according to a senior industry source.
"Both boards accept now that the status quo is not an option," a spokesman said this week, six weeks into an internal review of the issue.
"They know that the absolute minimum they are going to get away with is a unified board."
The source said even more radical change than this, including a full merger, or takeover of one holding company by the other, was also still under consideration.
A Shell spokesman said an internal review of company structure and governance was continuing. "Amongst other alternatives, forms of a unified board to which a CEO (Chief Executive Officer) would report are being studied," he said. "Nothing is ruled out at this stage."
The news comes as Shell's top executive, chairman of the committee of managing directors Mr Jeroen van der Veer, prepares to ring the opening bell at the New York Stock Exchange later on Wednesday, celebrating the 50th anniversary of the Anglo-Dutch company's US listing.