Europe’s largest energy company is simplifying its structure, while sacrificing a portion of its history.
Henceforth, the Anglo-Dutch hydrocarbon giant is no longer called the Royal Dutch Shell, but rather the shell. Behind the name change logo announced in November, the group will be 100% British for tax purposes. Stakeholders voted overwhelmingly on Friday in favor of moving the group’s headquarters from the Netherlands to the United Kingdom, while changing its name.
Board Chairman Andrew McKenzie praised “Great support from shareholders”, Of which 99.77% voted in favor of the relocation at a meeting in Rotterdam.
Europe’s largest energy company simplifies its structure and aligns its tax settlement with its registered country, the United Kingdom. Thus all its administrative systems will be relocated there. The exchange, the announcement of the bombing impact in November, will allow the team to accelerate its transition to net zero emissions, the group promises. There will be an acceleration in the distribution of dividends to shareholders, which explains their unwavering support for the move.
To simplify things, the company is sacrificing part of its history to the grief of the Dutch. The Royal Dutch Shell was originally born in 1907 from the merger of Koninklijke Nederlandsche Petroleum Maatschappij and the British company Shell Transport and Trading.
The move would cost the Netherlands its largest business. Shell is the second largest company to leave the country and move to London since Unilever last year. His departure is expected to cost the Dutch government billions of euros in tax revenue.