Shell’s slick move: Ministers applaud victory over post-Brexit Britain


Shell’s slick move: Ministers applaud victory over post-Brexit Britain


Shell is getting rid of the Netherlands and moving its headquarters to London in what ministers hailed as Britain’s victory after Brexit.

The FTSE 100 oil giant says it wants to abandon its dual structure and simplify it as a UK-based company.

And the company abandons the ‘Royal Dutch’ part of its name, which it has since 1907.

The capital idea: The FTSE 100 oil giant Shell wants to abandon its current dual structure and simplify it as a UK headquarters in the South Bank of London (pictured)

Trade Secretary Quasi Quarteng applauded the move, saying: “This is a clear vote of confidence in the British economy as we work to strengthen competitiveness, attract investment and create jobs.”

Shell, which produced about 2m barrels of oil a day before the epidemic, said the shift to London would help accelerate efforts to turn the company into a renewable energy hub.

Analysts said it could also eliminate the pressure of a lawsuit against Shell in the Netherlands, which forced the company to accelerate its carbon targets.

In May, the court ruled that the group should reduce its net carbon emissions by 45 percent compared to current levels.

Shell has vowed to reach net zero – meaning it will balance whatever emissions it produces – by 2050. But it did not say where it would be by 2030, causing outrage among campaigners.

It is appealing the verdict, and chief executive Ben van Buerden has repeatedly said that the only way the company is able to invest billions in green technologies is to use the vast sums of money generated by its traditional oil and gas business.

According to industry sources, Van Bureden, who is Dutch, has been thinking of moving to London since taking over as chief executive in 2014.

Since 2005, Shell has been registered in the Netherlands for tax purposes and has its worldwide headquarters in The Hague.

But under the new plans, all meetings of executives and board members will take place in the UK, while Van Bureden and finance chief Jessica Uhl will move permanently to Shell’s UK headquarters in London’s South Bank.

Shareholders still have to sign off on the plans for the December 10 vote.

The news comes just days after Third Point, an aggressive hedge fund led by investor Daniel Loeb, built a substantial stake in the company and is forcing it to split into multiple entities that refuse to shell out.

Long-Term Plan: According to industry sources, Dutch-based Shell chief Ben van Buerden is planning to move to London since he took over as chief executive in 2014.

Long-Term Plan: According to industry sources, Dutch-based Shell chief Ben van Buerden is planning to move to London since he took over as chief executive in 2014.

Shell’s shares rose 1.4 per cent, or 23.8p, to 1680.8p last night as investors and British officials welcomed the plans.

But Dutch politicians said the move was a ‘reluctant surprise’ and are now making efforts at the 11th hour to keep the shell in the country.

Dutch government officials said they were trying to find a parliamentary majority at the last moment to repeal the controversial 15 per cent dividend tax that Shell had previously complained about.

Shell, which lists in Amsterdam and New York, is a London-based company that makes it easier for shareholders to understand and simplify how to buy shares from investors.

This is especially important after the group cut its dividend by two-thirds during the epidemic last year and relies heavily on repurchases as a way to return money to investors.

Adam Matthews, chief investment officer of Shell Investors at the Church of England Pension Board, said: ‘This decision will allow the company to be more proactive in implementing the transition to net zero and strengthening shareholder rights, then look at it positively. . ‘

But Shell said the deal should not be used to get out of a May court ruling.

Shell said his relocation to the UK would not have any impact on these legal proceedings or any other in progress. Two weeks ago, when it reported third quarter profits of £ 3 billion, Shell said it would cut emissions by 50 per cent by 2030 – though it could only do so using oil and gas money.

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