• Latest
  • Trending
  • All
  • Politics
  • Economy
  • Security
  • Education
  • Sports
  • Health
  • Entertainment
  • Legal
  • Technology and Science
  • Opinion
  • Columns
  • Exposé
  • World
  • Lifestyle
Ogoni Nine: Nigerian Widows Lose Case Against Oil Giant Shell

Shell To Drop ‘Royal Dutch’ From Name, Relocate HQ To London

9 months ago
Nigeria: Regulator Sanctions Dozens Of Broadcast Stations Over Outstanding Levies

Nigeria: Regulator Sanctions Dozens Of Broadcast Stations Over Outstanding Levies

48 mins ago
Apple Warns Of Security Flaw In IPhones, IPads And Macs

Apple Warns Of Security Flaw In IPhones, IPads And Macs

4 hours ago
US Opens Application For 2023 Mandela Washington Fellowship

US Opens Application For 2023 Mandela Washington Fellowship

5 hours ago
NCDMB
ADVERTISEMENT
2022 Qatar World Cup: FIFA Sells 2.45 Million Tickets

2022 Qatar World Cup: FIFA Sells 2.45 Million Tickets

6 hours ago
Naira Stabilises At Official Market, Gains N3 At Black Market

Naira Stabilises At Official Market, Gains N3 At Black Market

6 hours ago
Malaysia: Flood Displace 12,000 People

Flash Flood Wash Away Homes In Sudan, Over 60 Dead

17 hours ago
Nigerian Govt Set To Reduce Workforce - Minister

We Spend N18.6bn Daily On Petrol Subsidy- Nigerian Govt

18 hours ago
UN Withdraws Peacekeeping Mission From Eastern Congo After Deadly Protest

UN Withdraws Peacekeeping Mission From Eastern Congo After Deadly Protest

20 hours ago
Anthony Joshua Talks Tough Ahead Oleksandr Usyk Heavyweight Bout

Anthony Joshua Talks Tough Ahead Oleksandr Usyk Heavyweight Bout

20 hours ago
JUST IN: Two Nigerian Law School Students Abducted By Gunmen In Enugu

JUST IN: Two Nigerian Law School Students Abducted By Gunmen In Enugu

21 hours ago
NCDMB To Participate As Platinum Sponsor At African Energy Week 2022

NCDMB To Participate As Platinum Sponsor At African Energy Week 2022

21 hours ago
Ghana Hikes Interest Rate To 22% As Inflation Soars

Ghana Hikes Interest Rate To 22% As Inflation Soars

22 hours ago
Fresh Protests Rock Sri Lanka After Police Killing

Sri Lanka Police Fire Tear Gas To Disperse Protest

22 hours ago
Nigeria: We Need More Women To Do Investigative Reporting — Sonaiya

Nigeria: We Need More Women To Do Investigative Reporting — Sonaiya

24 hours ago
JUST IN: Nigeria Football Federation Election Gets September 30 Date, As Pinnick, Others Secure Tenure Elongation 

JUST IN: Nigeria Football Federation Election Gets September 30 Date, As Pinnick, Others Secure Tenure Elongation 

1 day ago
2021/22 Season: Nigeria’s Oshoala Missing In UEFA Player Of The Year Award Shortlist 

2021/22 Season: Nigeria’s Oshoala Missing In UEFA Player Of The Year Award Shortlist 

1 day ago
Saudi Female PhD Student Bags 34 Years Imprisonment Over Tweet

Saudi Female PhD Student Bags 34 Years Imprisonment Over Tweet

1 day ago
2022 U21 African Volleyball Championship: Despite Final Group Loss, Nigeria Land In Quarterfinal, Confront Libya

2022 U21 African Volleyball Championship: Despite Final Group Loss, Nigeria Land In Quarterfinal, Confront Libya

1 day ago
For Killing Wife, Court Sentences Nigerian Wrestler To Death By Hanging 

For Killing Wife, Court Sentences Nigerian Wrestler To Death By Hanging 

1 day ago
Teenage Mothers Return To School In NCDMB-funded Skills Training Programme

Teenage Mothers Return To School In NCDMB-funded Skills Training Programme

1 day ago
ADVERTISEMENT
Friday, August 19, 2022
  • Photo Speaks
  • Videos
  • You-Report
  • Whistleblower
  • Advertise
  • HT Events
  • About HT
  • Contact
The Heritage Times
No Result
View All Result
Translate | EN FR
  • Login
  • Politics
    US Opens Application For 2023 Mandela Washington Fellowship

    US Opens Application For 2023 Mandela Washington Fellowship

    Kenyan Women Make History With Record Election Wins

    Kenyan Women Make History With Record Election Wins

    William Ruto Wins Kenyan Presidential Election

    William Ruto Wins Kenyan Presidential Election

    Kenya: Poll Officials Set To Declare Presidential Election Results

    Kenya: Poll Officials Set To Declare Presidential Election Results

    Nigerian Youths Must Break Wall Of Ethnicity To Take Back Their Country - Bishop Kukah

    Nigerian Youths Must Break Wall Of Ethnicity To Take Back Their Country – Bishop Kukah

    Nigeria: Wike Asks Court To Remove Atiku As PDP Presidential Candidate

    Nigeria: Wike Asks Court To Remove Atiku As PDP Presidential Candidate

    #KenyaDecides: Misinformation Widespread As Vote Count Enters Third Day

    #KenyaDecides: Misinformation Widespread As Vote Count Enters Third Day

    IATF 2021 Nigeria Aggressively Ready To Maximise Advantage Of Durban Trade Fair - President Buhari

    Nigeria: Presidency Gives Reasons For Reversing Authorization Of ExxonMobil Share Acquisition

    Africa Observer Missions Praise Kenya Election

    Africa Observer Missions Praise Kenya Election

  • Economy
    Naira Stabilises At Official Market, Gains N3 At Black Market

    Naira Stabilises At Official Market, Gains N3 At Black Market

    Nigerian Govt Set To Reduce Workforce - Minister

    We Spend N18.6bn Daily On Petrol Subsidy- Nigerian Govt

    NCDMB To Participate As Platinum Sponsor At African Energy Week 2022

    NCDMB To Participate As Platinum Sponsor At African Energy Week 2022

    Ghana Hikes Interest Rate To 22% As Inflation Soars

    Ghana Hikes Interest Rate To 22% As Inflation Soars

    Teenage Mothers Return To School In NCDMB-funded Skills Training Programme

    Teenage Mothers Return To School In NCDMB-funded Skills Training Programme

    Bloomberg Declares Ghana’s Cedi Worst Performing Currency

    Bloomberg Declares Ghana’s Cedi Worst Performing Currency

    UAE To Ease Flight Restriction On Nigeria, Others June 23

    Why Flights To Nigeria Will Be Suspended From Sept 1 — Emirates Airlines 

    100 Youths Empowered As NCDMB, ITF Complete Vocational Skills Training

    100 Youths Empowered As NCDMB, ITF Complete Vocational Skills Training

    Nigeria: Electricity Workers Shut National Grid As Appeal To Suspend Strike Fails

    Nigeria: Electricity Workers Shut National Grid As Appeal To Suspend Strike Fails

  • Security
  • Education
  • Sports
  • Health
  • Metro
  • Entertainment
  • Lifestyle
  • Legal
  • Tech & Science
  • Opinion
  • Exposé
  • Exclusive Videos
  • Niger Delta
  • World
  • Politics
    US Opens Application For 2023 Mandela Washington Fellowship

    US Opens Application For 2023 Mandela Washington Fellowship

    Kenyan Women Make History With Record Election Wins

    Kenyan Women Make History With Record Election Wins

    William Ruto Wins Kenyan Presidential Election

    William Ruto Wins Kenyan Presidential Election

    Kenya: Poll Officials Set To Declare Presidential Election Results

    Kenya: Poll Officials Set To Declare Presidential Election Results

    Nigerian Youths Must Break Wall Of Ethnicity To Take Back Their Country - Bishop Kukah

    Nigerian Youths Must Break Wall Of Ethnicity To Take Back Their Country – Bishop Kukah

    Nigeria: Wike Asks Court To Remove Atiku As PDP Presidential Candidate

    Nigeria: Wike Asks Court To Remove Atiku As PDP Presidential Candidate

    #KenyaDecides: Misinformation Widespread As Vote Count Enters Third Day

    #KenyaDecides: Misinformation Widespread As Vote Count Enters Third Day

    IATF 2021 Nigeria Aggressively Ready To Maximise Advantage Of Durban Trade Fair - President Buhari

    Nigeria: Presidency Gives Reasons For Reversing Authorization Of ExxonMobil Share Acquisition

    Africa Observer Missions Praise Kenya Election

    Africa Observer Missions Praise Kenya Election

  • Economy
    Naira Stabilises At Official Market, Gains N3 At Black Market

    Naira Stabilises At Official Market, Gains N3 At Black Market

    Nigerian Govt Set To Reduce Workforce - Minister

    We Spend N18.6bn Daily On Petrol Subsidy- Nigerian Govt

    NCDMB To Participate As Platinum Sponsor At African Energy Week 2022

    NCDMB To Participate As Platinum Sponsor At African Energy Week 2022

    Ghana Hikes Interest Rate To 22% As Inflation Soars

    Ghana Hikes Interest Rate To 22% As Inflation Soars

    Teenage Mothers Return To School In NCDMB-funded Skills Training Programme

    Teenage Mothers Return To School In NCDMB-funded Skills Training Programme

    Bloomberg Declares Ghana’s Cedi Worst Performing Currency

    Bloomberg Declares Ghana’s Cedi Worst Performing Currency

    UAE To Ease Flight Restriction On Nigeria, Others June 23

    Why Flights To Nigeria Will Be Suspended From Sept 1 — Emirates Airlines 

    100 Youths Empowered As NCDMB, ITF Complete Vocational Skills Training

    100 Youths Empowered As NCDMB, ITF Complete Vocational Skills Training

    Nigeria: Electricity Workers Shut National Grid As Appeal To Suspend Strike Fails

    Nigeria: Electricity Workers Shut National Grid As Appeal To Suspend Strike Fails

  • Security
  • Education
  • Sports
  • Health
  • Metro
  • Entertainment
  • Lifestyle
  • Legal
  • Tech & Science
  • Opinion
  • Exposé
  • Exclusive Videos
  • Niger Delta
  • World
No Result
View All Result
Morning News
ADVERTISEMENT
Home Economy

Shell To Drop ‘Royal Dutch’ From Name, Relocate HQ To London

UK Department for Business, Energy & Industrial Strategy hails move as Dutch government express shock.

November 16, 2021
in Economy, Top Stories
0
Ogoni Nine: Nigerian Widows Lose Case Against Oil Giant Shell
52
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp
ADVERTISEMENT

By John Ikani 

Royal Dutch Shell has announced plans to move its headquarters to the United Kingdom as part of proposals to simplify the company’s structure with the consolidation of its dual British and Dutch structure.

Relatedreading

Nigeria: Regulator Sanctions Dozens Of Broadcast Stations Over Outstanding Levies

Apple Warns Of Security Flaw In IPhones, IPads And Macs

The company also wants to drop “Royal Dutch” from its name, a part of its branding since 1907.

ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

The oil giant will ask shareholders to vote on shifting its tax residence from the Netherlands to the UK which has a substantially lower corporate tax rate, and free it from a dividend tax that many investors saw as onerous.

It also wants to do away with its dual share structure in favour of just one class of shares to boost “the speed and flexibility” of shareholder payouts.

Shell’s Chief Executive, Ben van Beurden, will relocate to the UK.

The company’s Chief Financial Officer, Jessica Uhl, will also move, alongside seven other senior employees.

What Shell is saying about the proposal

Shell in a statement said that the plans will not have an impact on the legal proceedings relating to the climate ruling and others.

The company said, ‘’Shell is proud of its Anglo-Dutch heritage and will continue to be a significant employer with a major presence in the Netherlands. Its projects and technology division, global upstream and integrated gas businesses and renewable energies hub remain located in The Hague.

“Carrying the Royal designation has been a source of immense pride and honour for Shell for more than 130 years. However, the company anticipates it will no longer meet the conditions for using the designation following the proposed change.”

Shell said the simplified share structure means it would be able to “accelerate” shareholder distributions through, for example, share buybacks.

The company announced a $2 billion (£1.5 billion) share buyback in July and will distribute an additional $7 billion from the sale of its Permian Basin oilfield in the US.

“Aside from the fact that the shares they hold will no longer come with a ‘Royal’ designation, this new alignment won’t change much for investors,” said Laura Hoy, an equity analyst at Hargreaves Lansdown.

“The long-term growth story for Shell still rests heavily on the oil price. For now, buoyant oil prices are keeping the group’s cash coffers topped up. However, with the inevitable shift to more sustainable energy picking up steam, we suspect the need to invest in greener operations will keep a lid on what the group can pass on to shareholders.”

Reactions

The UK Business and Energy Secretary, Kwasi Kwarteng, who welcomed Shell’s announcement, said that this was a clear vote of confidence in the British economy and would attract investments and create jobs.

The Dutch Government, however, said it was “unpleasantly surprised” by Shell’s proposal.

Speaking on the development, the Dutch Economic Affairs and Climate Policy Minister, Stef Blok, said the government deeply regrets that Shell wants to move its head office to the United Kingdom.

He said on Monday, “We are in a dialogue with the management of Shell over the consequences of this plan for jobs, crucial investment decisions and sustainability.”

What you should know

The name Shell can be traced back to the seashells imported from the Far East by Marcus Samuel senior in the late nineteenth century. When Marcus junior and Samuel, his sons, were looking for a name for the kerosene they were exporting to Asia, they chose Shell.

As kerosene sales grew to dominate the company’s revenue, the name was adopted for the new import-export company established in 1897 – the Shell Transport and Trading company.

When the company merged with Royal Dutch to form the Royal Dutch Shell Group in 1907, the Shell name took a back seat for a short time, but the newly formed business quickly became known as Shell for short.

Royal Dutch Shell is a result of the merger of Royal Dutch Petroleum Company and the UK’s Shell Transport and Trading Company in 1907.

Royal Dutch Shell’s structure is pretty complicated. The company is currently registered in the UK, but its headquarters are in the Netherlands.

There are two different types of shares – effectively a Dutch share and a UK share – and this affects the way payments to shareholders are taxed.

Now, under pressure from an activist investor, and facing huge change as the world moves away from fossil fuels, the company has decided it is time to simplify further. The move is designed to make payments to shareholders easier, while Shell says it will also help it to transform its business.

Although the Netherlands is famously business-friendly, Prime Minister Mark Rutte has had to act on growing sentiments that companies don’t give back enough. He had to backtrack on a 2017 plan to scrap a dividend tax, throwing Shell’s head-office structure into doubt. Consumer goods maker Unilever Plc also ended its dual structure in 2020 and registered as a fully British company.

There had been reports that the Dutch government officials are struggling to find a parliamentary majority to scrap a 15% withholding tax charged on dividends, which Shell has previously described as a problem.

Tags: Ben van BeurdenDepartment for Business Energy & Industrial StrategyDutch Economic Affairs and Climate PolicyKwasi KwartengRoyal Dutch ShellStef Blok
ShareTweetSendShare
ADVERTISEMENT
Previous Post

Nigeria: National Academic Union Rejects Appointment Of Serving Minister As Professor

Next Post

Nigeria: Judicial Panel Report Confirms Nigerian Army, Police ‘Killed Unarmed, Defenseless #ENDSARS Protesters’

Related Posts

Nigeria: Regulator Sanctions Dozens Of Broadcast Stations Over Outstanding Levies

Nigeria: Regulator Sanctions Dozens Of Broadcast Stations Over Outstanding Levies

August 19, 2022
Apple Warns Of Security Flaw In IPhones, IPads And Macs

Apple Warns Of Security Flaw In IPhones, IPads And Macs

August 19, 2022

US Opens Application For 2023 Mandela Washington Fellowship

2022 Qatar World Cup: FIFA Sells 2.45 Million Tickets

Naira Stabilises At Official Market, Gains N3 At Black Market

Flash Flood Wash Away Homes In Sudan, Over 60 Dead

Next Post
Nigeria: Judicial Panel Report Confirms Nigerian Army, Police ‘Killed Unarmed, Defenseless #ENDSARS Protesters’

Nigeria: Judicial Panel Report Confirms Nigerian Army, Police ‘Killed Unarmed, Defenseless #ENDSARS Protesters’

Discussion about this post

Heritage Bank

Updates

  • Trending
  • Comments
  • Latest
Nigeria: How Agric Ministry Used N18.9bn To Clear Bushes In 2019

Nigeria: How Agric Ministry Used N18.9bn To Clear Bushes In 2019

August 17, 2022
UAE Slams Visa Ban On Nigeria After Eiye, Aiye Cult Groups Rival Each Other In Dubai

UAE Slams Visa Ban On Nigeria After Eiye, Aiye Cult Groups Rival Each Other In Dubai

July 29, 2022
Time, Venue Confirmed For Anthony Joshua’s Big Bout

Time, Venue Confirmed For Anthony Joshua’s Big Bout

August 13, 2022
French Giants, PSG, Move To Snap Nigeria’s Victor Osimhen From Napoli 

French Giants, PSG, Move To Snap Nigeria’s Victor Osimhen From Napoli 

August 14, 2022
Nigeria: Regulator Sanctions Dozens Of Broadcast Stations Over Outstanding Levies

Nigeria: Regulator Sanctions Dozens Of Broadcast Stations Over Outstanding Levies

August 19, 2022
Apple Warns Of Security Flaw In IPhones, IPads And Macs

Apple Warns Of Security Flaw In IPhones, IPads And Macs

August 19, 2022
US Opens Application For 2023 Mandela Washington Fellowship

US Opens Application For 2023 Mandela Washington Fellowship

August 19, 2022
2022 Qatar World Cup: FIFA Sells 2.45 Million Tickets

2022 Qatar World Cup: FIFA Sells 2.45 Million Tickets

August 19, 2022
NCDMB

Most Recent

Nigeria: Regulator Sanctions Dozens Of Broadcast Stations Over Outstanding Levies

August 19, 2022

Apple Warns Of Security Flaw In IPhones, IPads And Macs

August 19, 2022

US Opens Application For 2023 Mandela Washington Fellowship

August 19, 2022

2022 Qatar World Cup: FIFA Sells 2.45 Million Tickets

August 19, 2022

Naira Stabilises At Official Market, Gains N3 At Black Market

August 19, 2022

Flash Flood Wash Away Homes In Sudan, Over 60 Dead

August 18, 2022

We Spend N18.6bn Daily On Petrol Subsidy- Nigerian Govt

August 18, 2022

UN Withdraws Peacekeeping Mission From Eastern Congo After Deadly Protest

August 18, 2022
HOUSE FORTY THREE RESTAURANT
MOSILO GROUP
ADVERTISEMENT

About

The Heritage Times was established to advance transparency and accountability in leadership and governance. Our vision is to become Africa's foremost provider of quality news and contents. We seek to lead a news media revolution that will foster a sustainable democratic Africa.

Featured

Have Mali And Burkina Faso Coups Reined In Jihadist Attacks?

What We know About The Conflict In DR Congo

#ReformIELTSPolicy: UK Envoy’s Statement Justifies Advocacy For Nigeria’s IELTS Exemption, Says Group

Connect

Connect with us on social media and receive timely updates on the go.

Get Updates

    • About
    • Privacy Policy

    © 2022 The Heritage Times Media.

    No Result
    View All Result
    • Welcome
    • Politics
    • Economy
    • Security
    • Exposé
    • Education
    • Sports
    • Health
    • Entertainment
    • Legal
    • Technology and Science
    • Opinion
    • Columns
    • World
    • __________________
    • Photo Speaks
    • Videos
    • You-Report
    • Whistleblower
    • Advertise
    • HT Events
    • About HT
    • Contact us

    © 2022 The Heritage Times Media.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In