Shell to move HQ to the UK

Royal Dutch Shell has announced a plan to move its headquarters to the UK as part of proposals to simplify the company’s structure.

 

The oil giant will ask shareholders to vote on shifting its tax residence from the Netherlands to the UK.

 

It also wants to do away with its dual share structure in favour of just one class of shares to boost “the speed and flexibility” of shareholder payouts.

 

Shell’s chief executive, Ben van Beurden, will relocate to the UK.

 

The company’s chief financial officer, Jessica Uhl, will also move, alongside seven other senior employees.

 

Business and Energy Secretary Kwasi Kwarteng welcomed Shell’s announcement, tweeting that it was “a clear vote of confidence in the British economy”.

 

The Dutch government, however, said it was “unpleasantly surprised” by Shell’s proposal.

 

According to reports in the Financial Times newspaper, Dutch government officials are scrambling to find a parliamentary majority to scrap a 15% withholding tax charged on dividends, which Shell has previously described as a problem.

 

Stef Blok, economic affairs and climate minister, said, “We are in a dialogue with the management of Shell over the consequences of this plan for jobs, crucial investment decisions and sustainability.”

 

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