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Shell holds talks with investors to push through London HQ move


Shell holds talks with investors to push through London HQ move


Royal Dutch Shell is looking to persuade investors to back its plan to relocate the company’s headquarters from the Netherlands to UK.

The oil giant’s management team has set up more than 100 meetings with leading investors in recent days to push through historic company, sources told Reuters.

Shell announced earlier this month they would scrap dual Anglo-Dutch share structure, move to London from The Hague, and ditch the Royal Dutch branding after 114 years of holding the name.

Shareholders will vote on the changes at a special general meeting on December 10 where the resolution needs to secure a very high threshold of votes – over 75 per cent.

When the changes were announced, Shell’s chair Sir Andrew Mackenzie argued the changes were necessary to “create value for our shareholders, customers, and wider society.”

While Shell has pushed the argument that it will help the company transition to a net zero, sustainable economy, a primary factor in the move is fulfilling its share buyback pledges.

In July, it announced a $2bn buyback programme and has since said it will return $7bn to shareholders after its sale of Permian assets in the US is completed.

Proxy advisory Glass Lewis, which advises major funds, has recommended shareholders vote in favour of the changes.

Glass Lewis said the simplified structure would allow “an acceleration in distributions by way of share buybacks, as there will be a larger single pool of ordinary shares that can be bought back.”

Shell has also announced plans to acquire energy retailer Powershop Australia.

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