How far off is Shell from being operated like it was owned by Blackrock(or similar) ?
Seems like Wael and folks like him see the business not very different from how Blackrock would - a set of backboxes which either generate net cash or don't. Focus on shareholder return, trim/cut/merge boxes and shuffle players inside them to achieve improved cashflow perhaps but not fundamentally changed business fundamentals.
What do you think is Wael's next move ? Break Shell up (eg Marathon...downstream has outperformed after splitting) or make a big acquisition - BP ? I can't imagine him sitting still and working on fundamentals and setting up, committing to a coherent long term strategy (eg Exxon). Has to be something commercial and catchy....improving short term cashflow and shareholder returns.