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Energy giant Royal Dutch Shell (Royal Dutch Shell) announced on the 15th that it will cancel its dual-class share structure and move its corporate headquarters from the Netherlands to the United Kingdom
.
The company also plans to change its name to "Shell", abandoning the "Royal Dutch" title it has used for more than 100 years
.
Shell said in a statement that it was proud of its Anglo-Dutch heritage and would continue to be a valued employer with substantial operations in the Netherlands
.
Several divisions, including the global upstream business, will remain in The Hague, the Netherlands, and company shares will continue to trade in Amsterdam, London and New York, but CEO Van Beurden and CFO Jessica Uhl will relocate to the UK
.
The plans also need to be approved by the general meeting of shareholders
.
Commentary: Shell has a long-standing feud with the Dutch authorities, as the Netherlands imposes a 15% dividend withholding tax on some Shell shares, making Shell less attractive to international investors
.
With the introduction of the new single structure, all shares are subject to UK law, meaning none of Shell's shares will be subject to this tax
.
It would also allow Shell to strike a sale or takeover deal faster
.
.
With the introduction of the new single structure, all shares are subject to UK law, meaning none of Shell's shares will be subject to this tax
.
It would also allow Shell to strike a sale or takeover deal faster
.
