Monday, Royal Dutch Shell proposed relocating its headquarters from the Netherlands to the United Kingdom and restructuring its structure in the hopes of making it easier to go forward in a world transitioning away from fossil fuel dependence.
The company, which has been incorporated in the United Kingdom with Dutch tax residency and dual-class shares since 2005, said it wants to switch to a more traditional structure to be able to face the challenges of moving toward greener energy.
Shell stated that, while it was proud of its Dutch ancestry, the alterations would prevent it from meeting the requirements to use the term “Royal” in its name.
Shell chairman Andrew Mackenzie said in a statement that the simplification will “normalize our share structure under the tax and legal authorities of a single country and make us more competitive.” “As a result, Shell will be in a stronger position to seize opportunities and lead the energy transition.”
At a general meeting on Dec. 10, shareholders will be asked to vote on the measure.
