Shell says goodbye to Holland and moves to London, also the tax office in The Hague
Simply Shell and no more “Royal Dutch Shell“: the oil giant leaves Holland, where its full name is Royal Netherlands Petroleum Company, and moves to the United Kingdom where it already has its registered office. In London, and no longer in The Hague, Shell it will also have the tax office, hold the meetings of the board of directors and the group’s CEO and financial director will reside there.
The announcement, which came together with the communication of the simplification of the shareholding structure, was taken very badly by Netherlands, who lose their most important group. The Dutch government said it was “unpleasantly surprised” by the decision to leave the country, he wrote on Twitter the Minister of Economic Affairs Stef Blok. The Amsterdam Stock Exchange, on the other hand, welcomed the plans of the oil multinational well, but without major jolts, and in the afternoon the stock recorded a progress of 1.2% to 19.52 euros.
According to Shell everything starts from the simplification of the structure with the creation of a single type of actions, to “eliminate the complexity ‘of the two lines A and B”. This will strengthen the Shell’s competitiveness and to increase the speed and flexibility of capital and equity portfolio “, accelerating” the distribution to shareholders and the implementation of the strategy of becoming a zero-emission company “.
The removal is explained as a simple ‘alignment’ of the tax office with the legal one. Shell – recalls a press release – has its registered office in UK and that for the tax authorities in the Netherlands since 2005, when the merger between the Royal Netherlands Petroleum Companyi e The Shell Transport and Trading Company under a single parent company and “since then it was expected that the presence of two lines of shares would not be permanent”.