Charles Shreck, better known as "Chip" (as in both short for Charles, but also "chip off the old block"), was born into immense wealth and privilege, thanks to his father, multi-millionaire industrialist, Max Shreck. In fact, Max's plan to develop an apparent power-plant with the underlying intention of stockpiling Gotham City's power was undertaken with the purpose of endowing Chip with a legacy. However, it was also apparent that Chip's mother was dead by the point.
Chip was with Max and Mayor Roscoe Jenkins for the former's speech to the crowd that was assembled for the Lighting of the Tree ceremony. Chip also came to his father's aid during the Red Triangle Circus Gang's attack on Gotham Plaza, by stepping between Max and the heavily armed Organ Grinder, and thus allowed Max to make his escape. It was assumed that the Red Triangle Gang did not hurt Chip, as it was later revealed that they merely tried to capture Max, not kill him, and when Chip was next seen, he did not appear to have a scratch on him.
Chip was later present when Selina Kyle interrupted Max's conference with Bruce Wayne that regarded Max's proposed Power Plant. It was also suggested that Chip was privy to the fact that that his father tried to kill Selina, as Max stated that if she caused any more trouble for him he would simply "push her out of a higher window", in his company once Selina and Bruce left his conference room.
Chip was in attendance with Max at the latter's Maxquerade Ball, and was dressed appropriately with a crown (that perhaps signified his princely status). Upon gate-crashing Max's Party, The Penguin, who was betrayed by Max, attempted to kidnap Chip, who after all was "Gotham's favorite" first-born son, with the intention of drowning him, along with the city's other first-born sons, in raw sewage. However, Max, in a rare selfless moment convinced Penguin to substitute himself for Chip, and was therefore taken instead, although not before Penguin left by prodding "the little prince" in the gut with his umbrella.
Chip Shreck was a very large and handsome young man who was presumably raised in the lap of luxury. He was clearly very spoiled by his father, Max, since it was the latter's desire to provide a legacy for him (i.e. the Power Plant) that set in motion both Selina Kyle's 'murder', and Oswald Cobblepot's campaign to become Mayor of Gotham. It was also suggested that Chip was not very bright (certainly nowhere near as bright as his father at the very least); The Penguin referred to him as a 'great white dope' upon gatecrashing Max's party. Chip's apparent lack of intelligence might also further explain his father's zealous endeavors to provide his son with a legacy long after he had passed away, as it appeared that Max had lacked confidence for Chip to build his own endeavors upon taking over the Shreck business empire.
It was not known what happened to Chip following his father's death including whether he was indicted for his possible knowledge of Max's various crimes. Although his father as much as confessed to his attempted murder of Selina in front of Chip, it was highly unlikely that Chip would have been connected to that crime, not least because the only other witness, Selina herself, practically disappeared by the end of the events in Batman Returns and was presumably a fugitive. Presumably, Chip inherited the Shreck business empire, although without the Power Plant.