Shell has officially changed its name, ditching “Royal Dutch”, which has been part of its identity since 1907, following plans to scrap its dual share structure and move its head office from the Netherlands to Britain.
Shell announced the board’s decision to change its name to Shell plc on December 20, 2021. This change has now taken effect,” the company said in a filing.The London and Amsterdam stock exchanges will reflect the name change on January 25 (today) while the New York Stock Exchange will follow on January 31.The change will not affect share ownership and the A shares and B shares will remain unchanged for the time being, Shell said.
The shares are planned to be assimilated into a single line of ordinary shares on January 29, a Reuters report stated.Shell announced in November it would scrap its dual share structure and move its head office to London from The Hague, pushed away by Dutch taxes and facing climate pressure in court as the energy giant shifts from oil and gas.
The firm has been in a long-running tussle with the Dutch authorities over the country’s 15 per cent dividend withholding tax on some of its shares, making them less attractive for international investors.
Shell introduced the two-class share structure in 2005 after a previous corporate overhaul. Shell held its first board meeting in London on December 31.
Newswire Law and Events Magazine is Out. It's a collector's item. Get one - or two,or more - for yourself and loved ones.