Shell shortened its name and changed its tax address

The British-Dutch energy company Royal Dutch Shell simplifies its share capital structure, chooses the UK for its tax residence and shortens its name to Shell plc. Such amendments to the statute will be presented at an extraordinary meeting on December 10 this year, reports Reuters.

The company plans to move from a dual stock market (type “A” – Royal Dutch Shell and “B” – Shell Transport & Trading with the same rights) to one type of securities. The company notes that the return on investment for shareholders will also improve. In July, Shell announced a $ 2 billion share repurchase program, and in September it announced it would return an additional $ 7 billion to shareholders following the completion of a sale of its assets in the US Permian Basin.

The company will also coordinate its tax residency with its country of incorporation in the United Kingdom, where it will hold board and management meetings and where the CEO and Chief Financial Officer will be located.

The Dutch city of The Hague will continue to be the headquarters of the global mining division, as well as an integrated gas and renewable energy hub and a project and technology division.

In 2005, during the merger of Koninklijke Nederlandsche Petroleum Maatschappij and Shell Transport and Trading Company, Shell was incorporated in the United Kingdom with Dutch tax representation and dual share structure. From the very beginning, the structure of A / B shares was not expected to be constant, the company reminds.

Following the proposed changes, Shell believes it will no longer qualify for the Royal Dutchl designation, “which has been a source of great pride and honor for Shell for over 130 years,” and will be asked to shorten the Shell company name. plc.

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