Shell leaves for UK and wants to become fully British (Translated)
Shell leaves for UK and wants to become fully British
NRC 16 November 2021 by Wafa Al Ali
Oil and gas company Shareholders still have to approve Shell's departure. The cabinet is "unpleasantly surprised".
Shell wants to move its headquarters to the United Kingdom. The oil and gas company reported this on Monday. The company says it wants to simplify its share structure by continuing as a UK company only. That would increase Shell's 'competitiveness'. The shareholders still have to consider this proposal from the central management.
Shell also expressly wishes to remain present in the Netherlands. For example, a number of divisions, including renewable energy, will remain in There Hague. It is also expected that, if the shareholders agree to the plan, the conditions for carrying the Royal predicate will no longer be met – Royal Dutch Shell will then become Shell.
Outgoing minister Stef Blok (Economic Affairs, VVD) says that he is "unpleasantly surprised". The caretaker cabinet was informed of the intention on Sunday and has since been in talks with the company about "the implications (…) for jobs, crucial investment decisions and sustainability". Shell is said to have said that the personnel consequences will be limited to just moving a number of board positions.
The oil and gas company is already largely a British company, but has its headquarters in The Hague. Chairman of the board Ben van Beurden said in an interview with the FD last year that the company has deliberately chosen this "under the assumption that the dividend tax would be abolished". The Rutte III cabinet withdrew that intention in 2018 after great social and political pressure. As a result, Shell has started to look at the Anglo-Dutch structure from a different perspective, Van Beurden said in the same interview. From then on, the company started thinking about moving.
Reduce net emissions
The court in The Hague ruled in May that Shell must have reduced its net greenhouse gas emissions by 45 percent by 2030 at the latest in order to meet the requirements of the Paris climate agreement. Never before has a judge ruled that a private company must adjust its policy. The lawsuit was filed by Milieudefensie and more than 17,000 individual plaintiffs. Shell subsequently announced that it would appeal. The company said in July that urgent action must be taken to combat global warming, but a verdict "against one company" deems it "ineffective".
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