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Royal Dutch Shell shareholders back plan to shift to London

REUTERS

Royal Dutch Shell shareholders back plan to shift to London

By Toby Sterling and Ron Bousso: December 10, 2021: 11:34 AM GMT

 

  • British tax base seen making buybacks, dividends easier

  • Dutch withholding tax a factor in Shell’s decision

  • Shell says move will not affect its environmental policy

ROTTERDAM/LONDON, Dec 10 (Reuters) – Royal Dutch Shell PLC (RDSa.L) shareholders voted overwhelmingly on Friday in favour of a plan to end the company’s dual share structure and move its headquarters to London from The Hague.

With roughly 58% of outstanding shares cast, a preliminary tally showed 99% of shareholders supported a special resolution enabling the corporate structure change.

Official results were expected later in the day, but no significant change was expected as the vast majority of institutional shareholders had voted early.

The proposal, which would see the company renamed Shell PLC, losing the “Royal Dutch” title it has had for more than a century, requires approval by 75% of shareholder votes cast.

Shell board members were to meet later to make a final decision, with the move planned sometime in early 2022.

Reporting by Toby Sterling; Additional reporting by Ron Bousso in London and Anthony Deutsch in Amsterdam; Editing by Richard Pullin and Edmund Blair 
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