Shell has announced plans to relocate its headquarters from The Hague to London and drop the 'Royal Dutch' from its name, prompting dismay among Dutch politicians. The oil giant's decision, described as a post-Brexit vote of confidence in the City of London, involves simplifying its dual share structure and moving its tax residence to the UK.
Dutch politicians expressed being 'unpleasantly surprised' by the move, which they say will come at a heavy cost to taxpayers. Prime Minister Mark Rutte is reportedly exploring proposals to scrap a 15% dividend tax that Shell cited as a reason for leaving, though discussions are at an early stage and require coalition approval.
The UK's business secretary, Kwasi Kwarteng, welcomed the relocation as a 'clear vote of confidence' in the British economy. Shell's chief executive Ben van Beurden and chief financial officer Jessica Uhl will move to London, and board meetings will be held there. The company will continue trading in Amsterdam, London, and New York.
The move follows a Dutch court ruling that Shell must cut its carbon emissions by 45% by 2030, which the company is appealing. Shell insists it will remain a significant employer in the Netherlands, with parts of its business staying in The Hague.
