- Shell has officially changed its name and dropped ‘Royal Dutch’.
- Shell will be relocating its headquarters to London.
- Officials stated that Shell no longer meets the conditions for using the honorary Royal designation.
Company has recently confirmed that it will be dropping ‘Royal Dutch’ from its name. The company has been using the identity for 130 years. They plans to scrap the dual share structure and move its headquarters from the Netherlands to Britain.
They has a significant presence in the Netherlands but has released a statement saying it no longer meets the conditions for using the honorary Royal designation.
Shell Board decision on the name change
The name change involves a dozen executives among which are Chief Financial Officer Jessica Uhl and Chief Executive Officer Ben van Beurden, who will be moving to London.
“Shell announced the Board’s decision to change its name to Shell plc on December 20, 2021. This change has now taken effect,” stated the filing.
Shell also confirmed that the shareholdings will remain unaffected despite the name change and existing share certificates will remain valid for all purposes nullifying the need to issue new share certificates.
The name change will be visible on the London & Amsterdam stock Exchanges on Jan 25th, followed by New York Stock Exchange on Jan 31st.
Scrapping the dual Share structure
In November it was announced that the company would scrap the dual share structure and relocate to London. This was pushed away by Dutch taxes and also due to climate pressure where energy giants shifted from oil to gas.
They has been on a long-term struggle with the Dutch authorities and with the country having over 15% dividend withholding tax on its shares—which makes Shell less attractive for the International investors.
In 2005, company launched a two-class share structure after the previous corporate overhaul.