Shell align its tax residence with its country of incorporation in the UK.
Sets out expected timetable of Simplification
The Board of Royal Dutch Shell plc (Shell) has today decided to proceed with its proposal to simplify the company’s share structure and align its tax residence with its country of incorporation in the UK.
As a result, the Board has also decided to change the company’s name to Shell plc which will be implemented in January 2022, with a further announcement to be made at the time.
Today’s decisions follow the completion of the consultation with the Centrale Ondernemingsraad van Shell Nederland (Central Staff Council of Shell Netherlands) and the Shell European Works Council, and come after a December 10, 2021 shareholder vote giving the Board overwhelming approval for the necessary amendments to the Company’s Articles of Association, which have been adopted with immediate effect.
As described in the circular published on November 15, 2021, the Simplification entails:
- establishing a single line of shares to eliminate the complexity of Shell’s A/B share structure; and
- aligning Shell’s tax residence with its country of incorporation in the UK by relocating Board and Executive Committee meetings, and the CEO and CFO, to the UK; and consequently, changing the company’s name from Royal Dutch Shell plc to Shell plc.
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