Oil and gas major Shell has officially changed its name to Shell plc, after deciding to simplify its share structure, move the headquarters from the Netherlands to the UK and, as a result, remove the Royal Dutch designation from its name.
The energy major on Friday confirmed its name had changed from Royal Dutch Shell plc to Shell plc. Shell moved to simplify the company’s share structure as part of a push to accelerate its transition to a net-zero company in November 2021. As a result, the company also said it would remove the Royal designation from its name.
Shell had been incorporated in the UK with Dutch tax residence and a dual share structure since the 2005 unification of Koninklijke Nederlandsche Petroleum Maatschappij and The Shell Transport and Trading Company under a single parent company.
The energy major announced the board’s decision to change its name to Shell plc on 20 December 2021, much to the disappointment of Dutch authorities, and this change has now taken effect.
According to Shell, Euronext Amsterdam, the London Stock Exchange, and the New York Stock Exchange have been informed of this name change and it is anticipated that Euronext Amsterdam and the London Stock Exchange will reflect the change of name on Tuesday, 25 January 2022, while the New York Stock Exchange will follow on Monday, 31 January 2022.
As previously explained by Shell, its conventional single share structure would allow it to compete more effectively. It will allow for an acceleration in distributions by way of share buybacks, as there will be a larger single pool of ordinary shares that can be bought back.
Shell’s transition to remain dependent on society’s progress
“I was listening at home as the judge gave her verdict. It felt like a body blow,” he said.
He further added: “I found it deeply troubling that Shell as a single business should be held accountable for how the world produces and uses energy. That goes against everything I believe in when it comes to climate change, namely that this is a societal problem, not a problem for a single company to solve. It’s also worrying that the ruling was met with so much approval in some places, as if this was indeed the solution society needed.”
In 2022, Shell plans to significantly step up investment in carbon capture and storage and to figure out how to design liquefied natural gas plants, and petrochemicals plants, so that they can be carbon neutral.
“But no matter how hard we work on reducing the emissions of our customers when they use our products, our progress will remain dependent on society’s progress with the energy transition. We cannot go faster than all our customers or we would have no customers to buy our products. And we would go out of business,” van Beurden said.
When asked about simplifying the company’s share structure and moving the headquarters from the Netherlands to the UK, van Beurden said that Shell needs to be able to move fast and do new things to accelerate the energy transition and the dual share structure was a real handicap in the process.
“I had personally worked on finding a solution with the Dutch government for all my eight years as CEO. Still there was no solution in sight, other than the solution to move the headquarters to the UK,” he said.
Shell officially changed its name on Friday, ditching “Royal Dutch”, which has been part of its identity since 1907, following plans to scrap its dual share structure and move its head office from the Netherlands to Britain.
Oil and gas major Shell has officially changed its name to Shell plc, after deciding to simplify its share structure, move the headquarters from the Netherlands to the UK and, as a result, remove the Royal Dutch designation from its name.
The slash was removed from the name "Royal Dutch/Shell" in 2005, concurrent with moves to merge the two legally separate companies (Royal Dutch and Shell) to the single legal entity which exists today. On 15 November 2021, Royal Dutch Shell plc announced plans to change its name to Shell plc.
An advocacy group is accusing the oil giant Royal Dutch Shell of misleading investors by classifying its investments in natural gas as spending on renewable energy.
The two parent companies of Royal Dutch Shell began as rival organizations in the late 19th century. In 1878 in London, Marcus Samuel (1853–1927) took over his father's import-export business (which included the import of Oriental shells—hence the later name) and started a sideline of handling consignments of kerosene.
Shell officially changed its name on Friday, ditching “Royal Dutch”, which has been part of its identity since 1907, following 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.
As a result, half of the Shell's fleet sat idle. So, in 1907, the decision was taken to merge Shell Transport and Trading Company with Royal Dutch and form the Royal Dutch Shell Group. The day the telegram was received announcing the merger – April 23 – is now celebrated every year as Shell's birthday.
Headquarters are in The Hague, Netherlands. Royal Dutch Shell was created in 2005 out of a reorganization of the Royal Dutch/Shell Group, a corporate entity that since 1907 had been headed by two parent companies, NV Koninklijke Nederlandse Petroleum Maatschappij (Royal Dutch Petroleum Company Ltd.)
Together with the first Board meeting held in the UK on December 31, 2021, the change of the company's name to Shell plc on January 21, 2022 and the assimilation of the A shares and B shares, the Simplification has now been implemented in full.
To begin, taxes are a key difference between the two issuances. The difference is due to this construct called the "dividend access mechanism." The B shares have the dividend access mechanism, while the A shares do not.
Shell has a vast climate-controlled archive in The Hague which houses items dating back to the 1890s and tracing our history from the earliest days of the company. There are thousands of metres of shelving housing hundreds of thousands of precious papers, books, painting, photos, films and objects.
Shell plc (Shell), formerly Royal Dutch Shell Plc, is an integrated oil and gas company. The company explores for and produces oil and gas from conventional fields and sources such as tight rock, shale and coal formations. It operates refining and petrochemical complexes across the world.
Shell has been one of the best-performing investments in the FTSE 100 over the past three years. Including dividends, the stock has returned 28% per annum, compared to 11.8% for the blue-chip index since mid-2020.
Shell plc has a single-tier Board of Directors chaired by a non-executive Chairman Sir Andrew Mackenzie. The executive management is led by the Chief Executive Officer, Wael Sawan. The Board meet regularly to discuss reviews and reports on the business and plans of the Company.
Royal Dutch Shell means, collectively, Royal Dutch Petroleum Company, a company incorporated in The Netherlands, and The "Shell" Transport and Trading Company, plc, a public limited company incorporated in England and Wales.
August Kessler (1853-1900), this tiny start-up developed into a world leader in energy. It's an amazing story. On that day, the Dutch King granted a Royal warrant and his secretary -apparently erroneously- added 'Dutch' to the name, turning what was already a long name into an impossible tongue twister.
Royal Dutch Shell was created in 2005 out of a reorganization of the Royal Dutch/Shell Group, a corporate entity that since 1907 had been headed by two parent companies, NV Koninklijke Nederlandse Petroleum Maatschappij (Royal Dutch Petroleum Company Ltd.)
Royal Dutch Shell plc has two classes of shares, "A" and "B" shares. "A" shares and "B" shares have identical rights except in relation to the source of dividend income where "A" shares have a Dutch source and "B" shares are intended to have a UK source.
The “Shell” Transport and Trading Company, a U.K.-registered company, has a 40% interest in the group, and the remaining 60% is owned by the Royal Dutch Petroleum Company, a Netherlands company. Collectively, the group is involved in oil and gas exploration, production, refining, transportation, and marketing.
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