Royal Dutch Shell shareholders support plan to shift to London

Royal Dutch Shell PLC shareholders have voted overwhelmingly in favor of a plan to end the company’s dual share structure and move its headquarters to London from The Hague, Report informs referring to Reuters.

With roughly 58% of outstanding shares cast, a preliminary tally showed 99% of shareholders supported a special resolution enabling the corporate structure change.

Official results were expected later in the day, but no significant change was expected as the vast majority of institutional shareholders had voted early.

The proposal, which would see the company renamed Shell PLC, losing the “Royal Dutch” title it has had for more than a century, requires approval by 75% of shareholder votes cast.

Shell board members were to meet later to make a final decision, with the move planned sometime in early 2022.

The company’s boards presented the plan in November, saying the simplification would strengthen Shell’s competitiveness and make paying dividends and share buybacks easier.

Critics say Shell’s decision was motivated in part by a Dutch court ruling in May that ordered it to cut carbon emissions by 45% by 2030. Shell, which is appealing the ruling, says its environmental policy will not be affected by the move.