Shell got into a dispute with the Dutch government over a withholding tax of 15 percent. In addition, the largest pension fund in the Netherlands has stopped holding the shares of the oil giant due to ESG criteria. Shell is thus radically changing its internal politics and name.
British-Dutch Royal Dutch Shell oil company officially shortens its name to Shell Plc. She had a “Royal Dutch” connection in the name since 1907. The company also plans to cancel the dual structure of its shares and move its headquarters from the Netherlands to Britain, specifically from The Hague to London.
“Shell announced its decision to change its name to Shell Plc on December 20, 2021. The change has now taken effect,” the company said in a statement.
Shell is moving from The Hague to London due to disagreements with the government
Shell’s shareholders have decided to move the company’s headquarters from the Netherlands to Britain. Therefore, he will change his name, so he will delete the words Royal Dutch and the group will continue to bear only the short name Shell. The corporate structure will also be simplified. The company is thus trying to get rid of part of the taxes it has to pay in the Netherlands.
The London and Amsterdam stock exchanges will take the name change into account on January 25, while the New York Stock Exchange will take into account on January 31. Shell announced in mid-November last year that will terminate the dual share structure and will have only one share class. This means that a larger volume of ordinary shares will be created, which Shell will then be able to repurchase more easily if it deems it appropriate. However, the company’s shares will continue to be traded on the stock exchanges in Amsterdam, London and New York as before.
Shell is having a protracted dispute with the Dutch authorities over the 15% withholding tax applied by the Netherlands. The company tried to avoid it precisely by introducing two classes of shares – each subject to a different taxation procedure for the payment of dividends. The new structure will solve the problem – Shell will no longer have to pay this tax in the Netherlands and will handle all tax matters in Britain.
Relations with the Netherlands were also worsened by a report from last October, when The largest pension fund in the Netherlands, ABP, has announced that it will exclude from its portfolio the shares of all fossil fuel companies, including Shell shares.
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