Shareholders of oil giant Shell vote in favor of London move, early results show

Shareholders of oil giant Shell vote in favor of London move, early results show

LONDON — Shareholders of oil giant on Friday voted to approve plans for the company to overhaul its legal and tax structure and move its headquarters to the U.K. from the Netherlands. The Anglo-Dutch company has the simplification of its dual tax structure is designed to strengthen its competitiveness, accelerate its energy transition plans and help to make distributing profits to shareholders more straightforward. Preliminary results on Friday morning showed 99% of shareholders voting by proxy had backed the special resolution, Reuters reported, with 58% of outstanding shares cast. An official tally is expected later, although it is seen as unlikely to change the outcome. The motion requires the approval of at least 75% of the votes cast to pass. The proposal will see the company drop the "Royal Dutch" from its name to become "Shell PLC." A move to London from The Hague is expected sometime early next year. Critics of the move argue Shell's proposed relocation is partly motivated by a landmark courtroom defeat earlier this year, a decision the company is appealing. A Dutch court that Shell must reduce its global carbon emissions by 45% by the end of 2030, compared with 2019 levels. The verdict marked