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Shell to move headquarters from Netherlands to UK

The Telegraph

Shell to move headquarters from Netherlands to UK

Firm says unified structure will help to ‘accelerate switch to net zero’

Royal Dutch Shell has unveiled plans to move its headquarters from the Netherlands to the UK.

The Anglo-Dutch energy giant said the move to abandon its current dual structure would make it nimbler as it moves away from oil and gas and towards greener sources of power.

The move comes as Shell is facing pressure from Third Point, an activist investor run by Wall Street billionaire Dan Loeb.

Since 2005, the company has been incorporated in the UK but registered in the Netherlands for tax purposes and headquartered there.

But under the changes now proposed to shareholders, the firm’s structure will be entirely based in Britain and all meetings of executives and board members will happen there as well.

The formal name of the FTSE 100 business will also be shortened from Royal Dutch Shell to simply Shell.

Shell would retain its listings in London, Amsterdam and New York, according to a circular issued on Monday morning.

Shareholders will be given the opportunity to vote on the changes either on or before December 10. If approved, the shake-up would then take effect next year.

Announcing the proposals, Sir Andrew Mackenzie, Shell’s chairman, said the changes would “increase in the speed and flexibility” that the firm had to sell assets or embark on takeovers.

“The board believes that the simplification will strengthen Shell’s competitiveness and accelerate both shareholder distributions and delivery of its strategy to become a net-zero emissions energy company,” he added.

Shell’s announcement comes less than a month after Third Point revealed it had built a stake in the energy giant.

It has demanded that Shell split off its green energy businesses.


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