D-Day Royal Dutch Shell?
Shareholders in Royal Dutch Shell have voted to approve plans to move the company’s headquarters from The Hague to London. That will also see the oil giant end its dual share listing, and drop the “Royal Dutch” bit of its name. Now the shares will just be traded in London, and the name will be Shell PLC. The move is planned to take place some time in early 2022. Critics say Shell’s decision was motivated in part by a Dutch court ruling in May, which ordered it to cut carbon emissions by 45% by 2030. The firm denies that, and says the move won’t affect its environmental commitments. Taxation was a factor though. By moving to the UK Shell can avoid paying Dutch withholding taxes on some of its shares. The Netherlands government says it’s “disappointed” by the decision, and one Green party lawmaker there has proposed that the firm face an “exit tax”. That proposal has so far failed to win support.