investigated by the UK Financial Services Authority (FSA) about his role in relation to the recategorisation of the company's hydrocarbon reserves. In November 2005 the FSA announced that it had "closed its inquiries" when its "Regulatory Decisions Committee," decided that the regulator should take no action. Watts had earlier been refused permission to proceed with a counter action against the FSA by the "Financial Services and Markets Tribunal" when he filed an action seeking to show that the FSA had unfairly prejudiced him in statements made in its settlement with Shell that appeared to condone the findings in the Davis Polk report. Watts was also investigated by the US Justice Department and the Securities and Exchange Commission for allegedly misleading the stock market by allowing the overstated reserves figures to stand. These investigations are now closed with "no case to answer." The Securities and Exchange Commission has proposed new regulations regarding the accounting of oil reserves that, according to a Dow Jones article may serve to vindicate Watts, since the proposed changes involve changing many of the SEC proved reserves criteria that prompted Shell's large debooking. Retirement Watts and his wife live at Binfield, Berkshire, where he serves as a curate after his ordination as a priest in 2011. Styles Mr Philip Watts (1945–2004) Sir Philip Watts KCMG (2004–11) The Revd Sir Philip Watts KCMG (2011–present) References 1945 births Living people People from Leicester British businesspeople British seismologists People educated at Wyggeston Grammar School for Boys Shell plc people Knights Commander of the Order of St Michael and St George People from Binfield 21st-century English Anglican priests Chief Executive Officers of Shell plc Recipients of the Presidential Medal of Merit (Philippines)