RDSA Shell Plc

By Joe Hoppe

Royal Dutch Shell PLC said Monday that it has decided to proceed with simplifying its share structure, shifting its tax residence to the U.K., and it will change its name to Shell PLC in January.

The energy company said it expects to change its name in the week beginning Jan. 24.

Shareholders in the company approved the amendment of the group's articles of association on Dec. 10, after Shell proposed in November to collapse its current dual-share class and move its tax residency to the U.K. from the Netherlands.

Since its unification in 2005, the oil-and-gas company has been incorporated in the U.K. with Dutch tax residence and an A/B dual share structure.

"The board believes that the simplification 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," Chairman Andrew Mackenzie said previously.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

December 20, 2021 09:29 ET (14:29 GMT)

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