Dec 10, 2021
Shell investors back moving HQ from Netherlands to UK
Royal Dutch Shell shareholders have overwhelmingly backed sweeping changes to the company's share structure and tax residence, paving the way for the board to shift the Anglo-Dutch energy major's headquarters from the Netherlands to the UK in 2022. Shell has said the changes will make it easier for the company to execute its energy transition strategy. Shifting to a single class of shares and aligning its tax residence with its country of incorporation in the UK will make the company more agile, improving its ability to respond to the demands of the transition, Shell has said. Sir Andrew Mackenzie, Shell chair, said after the vote that the "Resounding" shareholder support would "Enable a simplification of the company's share structure and an increase in the speed and flexibility of capital and portfolio actions". During a 90-minute discussion with shareholders, several investors asked whether the decision was informed by a Dutch court ruling in May that Shell needed to accelerate its emissions reductions.
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