Daily Management Review

Shell shareholders support the company's move from the Netherlands to London


Shareholders of the oil company Shell supported the move of its headquarters from the Netherlands to London. The company's decision to change its shareholding structure was also unopposed. Shell is facing its biggest change since its formation in 2005.

Open Grid Scheduler via flickr
Open Grid Scheduler via flickr
Shareholders in Royal Dutch Shell, one of the largest oil and gas companies in the world, backed the company's decision to change its shareholder structure and move its headquarters from The Hague to London, Reuters said without specifying the source. According to the agency, the preliminary results of the vote could still be slightly adjusted. The company had not officially disclosed results of the shareholder vote on its website at the time of publication.

According to Reuters, shareholders "enthusiastically" supported the changes, with 99 percent voting in favour of the special resolution. It requires support of at least 75% of shareholders to pass, the agency noted. A board meeting is planned for the final decision, Reuters added.

In November, the board of directors of Royal Dutch Shell proposed to make the company a tax resident of the UK instead of the Netherlands and move the top management to London. In addition, the company planned to simplify its shareholding structure: abandoning class A and B shares in favour of a single share standard. Finally, the directors decided to drop Royal Dutch from the name and keep just Shell.

This is the biggest change for the company since 2005, when it emerged from the merger of two companies, Koninklijke Nederlandsche Petroleum Maatschappij and The Shell Transport and Trading Company. In 2020, Unilever also merged its structures in the Netherlands and the UK into a single entity incorporated in the UK, The Wall Street Journal wrote.

source: reuters.com