Shell changes name, drops Royal Dutch

Adebayo Obajemu

Shell officially changed its name last Friday, to Shell PLC, dropping the appellation “Royal Dutch”, which since 1907 has been part of its nomenclature.

The development is a follow-up to 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,” Shell said in a filing.

It is expected that the London and Amsterdam stock exchanges will reflect the new identity on Jan. 25 while the New York Stock Exchange will follow on Jan. 31.

However, the name change will in no way affect share ownership as 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 Jan. 29.

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% 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.

Leave a Reply

Your email address will not be published.