The iconic "Royal Dutch" has been officially dropped from the name of Shell as the company will now be called Shell. The company has had the "Royal Dutch" words to its brand name since 1907.
This is a part of the strategy of the company to do away with its dual share structure and shift its headquarters to Britain from the Netherlands.
"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.
The change of the name of the multinational company would get reflected at the London and Amsterdam stock exchanges from January 25 while the changed name will be used at the New York Stock Exchange from January 31.
There will however be no effect of the name change on share ownership and the Shell said that the A shares and B shares will remain unchanged for the time being.
The company has plans for assimilating the shares into a single line of ordinary shares on January 29.
Shell had made public its decision to do away with its dual share structure in November last year as well as its plans for moving its headquarters from The Hague to London primarily because of Dutch taxes and facing pressure from courts related to climate change as the company implements its strategy of a shift away from oil and gas.
There has been a tussle between the company and Dutch authorities for quite some time now over the country’s 15 per cent dividend withholding tax on some of its shares which made the stocks less attractive for international investors. The two-class share structure was introduced in the company in 2005 following a corporate overhaul back then.
Shell held its first board meeting in London on December 31.
(Source:www.hartenergy.com)
This is a part of the strategy of the company to do away with its dual share structure and shift its headquarters to Britain from the Netherlands.
"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.
The change of the name of the multinational company would get reflected at the London and Amsterdam stock exchanges from January 25 while the changed name will be used at the New York Stock Exchange from January 31.
There will however be no effect of the name change on share ownership and the Shell said that the A shares and B shares will remain unchanged for the time being.
The company has plans for assimilating the shares into a single line of ordinary shares on January 29.
Shell had made public its decision to do away with its dual share structure in November last year as well as its plans for moving its headquarters from The Hague to London primarily because of Dutch taxes and facing pressure from courts related to climate change as the company implements its strategy of a shift away from oil and gas.
There has been a tussle between the company and Dutch authorities for quite some time now over the country’s 15 per cent dividend withholding tax on some of its shares which made the stocks less attractive for international investors. The two-class share structure was introduced in the company in 2005 following a corporate overhaul back then.
Shell held its first board meeting in London on December 31.
(Source:www.hartenergy.com)
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