Century-old oil and gas giant Shell will move and change its name

Sinochem News.

On November 15, Shell issued a statement on its official website stating that the company will abandon its dual-shareholding structure and move its global headquarters from the Netherlands to the United Kingdom

Shell pointed out that the move is to increase the speed and flexibility of the company's capital and investment portfolio.

After the headquarter is moved to the United Kingdom, Shell shares will continue to be traded in stock markets such as Amsterdam, London and New York, but CEO Van Burden and CFO Jessica Ull will move to the United Kingdom

In Shell's view, by simplifying and standardizing the company's shareholding structure, the company will be consistent with other competitors and most global companies and reduce shareholder risk

After the news came out, it caused quite different reactions in the UK and the Netherlands.

The Dutch government is very dissatisfied

　　Reuters said that Shell’s move was a blow to Dutch prestige

　　Shell said that it will also have a large number of businesses in the Netherlands, including project and technology departments, global upstream and integrated natural gas business, and renewable energy centers, including multiple departments will remain in The Hague, the Netherlands

　　On the other side of the strait, Britain welcomed this

　　In addition, Shell also plans to abandon the title of "Royal Dutch" that has been in use for more than 130 years

　　According to foreign media reports, for a long time, Shell has been facing doubts from investors about its dual structure, and has recently faced pressure to transition to clean energy

In addition, Shell and the Dutch government are still at odds with levying a 15% dividend withholding tax on some stocks.

　　After the implementation of the new single structure, all Shell shares will be under the jurisdiction of English law, which means that all Shell shares will not be subject to this tax
.
This will also enable Shell to reach a sale or acquisition deal faster
.

　　At present, the plan is still in the proposal stage and needs to be approved by at least 75% of shareholders at the shareholders meeting held in December
.