Shareholders of oil giant Royal Dutch Shell voted on Friday in favor of approving the company’s plans to revise its legal and tax structure and move its tax headquarters to the United Kingdom from the Netherlands.
The Anglo-Dutch company had stated that the simplification of its double tax structure would make it more competitive, allow it to speed up payments to shareholders and accelerate the transition to zero-emission energy activities.
The final count showed that 99.8% of shareholders supported the special resolution, according to Reuters. The proposal required the approval of at least 75% of those who voted to pass.
With this proposal the company will probably withdraw “Royal Dutch” from its name and become “Shell PLC”. The move to London from The Hague is expected early next year.
It is recalled that Shell’s move was announced a few months after a Dutch court ordered Shell to speed up its plans to reduce greenhouse gas emissions, a decision against which Shell has appealed.
It also follows chronic questions in the Netherlands about Shell’s unusual tax structure and dual share rating system, which has been in place since 2005.
It is noted that while the Netherlands withholds 15% of the dividend tax on companies based in the Netherlands, Britain does not have such a tax.
“The government deeply regrets that Shell wants to move its headquarters to the United Kingdom,” said Dutch Finance and Climate Minister Stef Block.
.
Source From: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
