Shell shareholders back move to UK

Shell shareholders back move to UK

ROTTERDAM, Netherlands: Shell shareholders on Friday overwhelmingly backed plans to switch the oil giant’s headquarters from the Netherlands to Britain after a century and drop Royal Dutch from the name. Chairman Andrew Mackenzie hailed the “resounding support from shareholders” after they voted 99.77 percent in favor of the plan at a meeting in Rotterdam. Europe’s biggest energy firm says the move will simplify its tax and share arrangements, and speed up its transition from fossil fuels that cause climate change. The Dutch government has said it was “unpleasantly surprised” by the plan, while Britain has hailed it as a vote of confidence in the British economy post-Brexit.

The move “will strengthen Shell’s competitiveness and accelerate both shareholder distributions and delivery of its strategy to become a net-zero emissions energy business by 2050, in step with society,” Mackenzie said in a statement. Shell’s board must formally approve the plans before they come into effect “as soon as reasonably practicable”, it said.

During questions from shareholders, Mackenzie had earlier denied the move was motivated by a Dutch court ruling earlier this year that Shell must cut its emissions. But he admitted a Dutch government decision to drop plans for the scrapping of a dividend