Shell Plans Shift to Britain, and Dropping ‘Royal Dutch’

Shell, Europe’s largest energy company, said Monday that it was proposing to move its headquarters to Britain from the Netherlands and make major changes in its share ownership and tax status.

The moves are designed to make the company, whose share price has lagged rivals, more appealing to investors, and they come less than a month after an activist investor, Daniel Loeb, suggested changes to the company’s structure. They are likely to be seen as a blow to the Netherlands, where Shell has an enormous presence, and a windfall for the British government as it struggles to demonstrate that Brexit can provide an economic boost.

Among the changes announced by the company, top management including the chief executive, Ben van Beurden, would move to Britain, where board meetings will be held. The company’s current dual British and Dutch share structure would also be melded into a single share.

If the changes are approved at a general meeting of shareholders scheduled for Dec. 10, Shell would also drop “Royal Dutch” from its name, saying “the company anticipates it will no longer meet the conditions for using the designation.”

Article source: https://www.nytimes.com/2021/11/15/business/shell-britain-move.html