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2021-11-16
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Shell Ditches ‘Dutch’ From Name and Makes Britain Its HQ<blockquote>壳牌放弃“荷兰”名称，将英国作为其总部</blockquote>
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The Dutch government immediately said it was “unpleasantly surprised” by the announcement.</p><p><blockquote>壳牌周一表示，计划取消目前的双重股权结构，从公司名称中去掉 “皇家荷兰 ”，将税务住所迁至英国，并将高管从海牙迁至伦敦。荷兰政府立即表示对这一声明感到 “不愉快的惊讶”。</blockquote></p><p> Adopting a simplified structure has been on the cards for years, but Shell’s relations in its country of origin have become increasingly fraught of late. Dutch pension fund ABP said last month it would drop the oil major -- and all fossil fuels -- from its portfolio without warning, while in May a court in The Hague ruled the firm must slash its emissions harder and faster than planned.</p><p><blockquote>多年来，壳牌一直在考虑采用简化的结构，但最近壳牌在其母国的关系变得越来越紧张。荷兰养老基金 ABP 上个月表示，将在没有警告的情况下从其投资组合中剔除这家石油巨头以及所有化石燃料，而 5 月份海牙一家法院裁定，该公司必须比计划更努力、更快地削减排放量。</blockquote></p><p> “The simplification will normalize our share structure under the tax and legal jurisdictions of a single country and make us more competitive,” Chairman Andrew Mackenzie said in a statement. “Shell will be better positioned to seize opportunities and play a leading role in the energy transition.”</p><p><blockquote>“董事长安德鲁-麦肯齐（Andrew Mackenzie）在一份声明中说：”简化将使我们的股权结构在一个国家的税收和法律管辖权下正常化，并使我们更具竞争力。“壳牌将更好地抓住机遇，在能源转型中发挥主导作用”。</blockquote></p><p> The firm has been incorporated in the U.K. with Dutch tax residence and a dual share listing since the 2005 unification of Koninklijke Nederlandsche Petroleum Maatschappij and Shell Transport & Trading Co. It was not envisaged at the time that the share structure would be permanent, the company said.</p><p><blockquote>自 2005 年 Koninklijke Nederlandsche Petroleum Maatschappij 和 Shell Transport & Trading Co. 合并以来，该公司已在英国注册成立，拥有荷兰税务居民身份，并进行双重股份上市。该公司表示，当时并未设想股权结构会是永久性的。</blockquote></p><p> Shell also said it’ll likely no longer meet the conditions for using “Royal” in its title -- a part of its name since 1907 -- and expects to become Shell Plc, subject to shareholder approval.</p><p><blockquote>壳牌公司还表示，它很可能不再符合在公司名称中使用 “皇家 ”的条件（自 1907 年以来一直是其名称的一部分），并有望在获得股东批准后更名为壳牌公司。</blockquote></p><p> U.K. Boost</p><p><blockquote>英国助推</blockquote></p><p> U.K. Business Secretary Kwasi Kwarteng welcomed the news, saying it was a “clear vote of confidence in the British economy” and would “attract investment and create jobs.” Shell said about 10 executives -- including Chief Executive Officer Ben van Beurden and Chief Financial Officer Jessica Uhl -- would be relocating to Britain.</p><p><blockquote>英国商务大臣夸西-夸滕（Kwasi Kwarteng）对这一消息表示欢迎，称这是 “对英国经济的明确信任票”，将 “吸引投资并创造就业机会”。壳牌表示，包括首席执行官 Ben van Beurden 和首席财务官 Jessica Uhl 在内的约 10 名高管将迁往英国。</blockquote></p><p> “Shell informed the cabinet about this intention yesterday,” Dutch Minister for Economic Affairs and Climate Policy Stef Blok said. “We are unpleasantly surprised by this news. The government deeply regrets that Shell wants to move its head office to the United Kingdom.”</p><p><blockquote>“荷兰经济事务和气候政策部长斯特夫-布洛克（Stef Blok）说：”壳牌昨天向内阁通报了这一意图。“我们对这一消息感到非常意外。政府对壳牌公司希望将总部迁至英国深表遗憾”。</blockquote></p><p> Although the Netherlands is famously business-friendly, Prime Minister Mark Rutte has had to act on growing sentiment 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.</p><p><blockquote>尽管荷兰以商业友好著称，但首相马克-吕特（Mark Rutte）不得不采取行动，因为人们越来越认为企业回报不够。他不得不收回 2017 年取消股息税的计划，这让壳牌的总部结构受到质疑。消费品制造商联合利华 (Unilever Plc) 也于 2020 年结束了双重结构，注册为一家完全英国公司。</blockquote></p><p> Like its European peers, Shell has embarked on a multi-decade strategy to rein in its emissions, in part by selling more low-carbon fuels. But its approach to the energy transition is struggling to gain traction. Ahead of its earnings report last month, activist investor Loeb revealed his fund Third Point LLC had taken a $750 million stake in Shell and was pushing to break up the company.</p><p><blockquote>与欧洲同行一样，壳牌也实施了一项为期数十年的战略来控制排放，部分原因是销售更多低碳燃料。但其能源转型方法正在努力获得牵引力。在上个月发布收益报告之前，激进投资者勒布透露，他的基金 Third Point LLC 已持有壳牌 7.5 亿美元的股份，并正在推动拆分该公司。</blockquote></p><p> Third Point’s position came to light just days after long-time Shell ally ABP said it would divest 15 billion euros ($17.2 billion) of fossil-fuel assets by early 2023, including its holding in the energy giant.</p><p><blockquote>就在壳牌的长期盟友 ABP 表示将在 2023 年初之前剥离 150 亿欧元（172 亿美元）的化石燃料资产（包括其在这家能源巨头的持股）几天后，Third Point 的立场被曝光。</blockquote></p><p> Legal Appeal</p><p><blockquote>法律上诉</blockquote></p><p> The investor pressure comes on top of legal challenges. Shell is appealing the May court verdict, which said the company must cut its emissions 45% by 2030.</p><p><blockquote>除了法律挑战之外，投资者压力也随之而来。壳牌正在对 5 月份法院的裁决提出上诉，该裁决称该公司必须到 2030 年将排放量减少 45%。</blockquote></p><p> “The simplification will have no impact on legal proceedings related to the Dutch court ruling,” Mackenzie said, adding that the company has already expanded its carbon-reduction targets.</p><p><blockquote>“麦肯齐说：”简化不会对与荷兰法院裁决相关的法律诉讼产生影响，并补充说公司已经扩大了碳减排目标。</blockquote></p><p> The change to the share classes removes a disadvantage Shell had versus its peers, according to Sanford C. Bernstein analyst Oswald Clint. It will end the misalignment of two different tax and revenue authorities, removing the “friction and withholding tax issues around buybacks, while allowing them to increase materially,” he said.</p><p><blockquote>Sanford C. Bernstein 分析师奥斯瓦尔德·克林特 (Oswald Clint) 表示，股票类别的变化消除了壳牌相对于同行的劣势。他说，这将结束两个不同税务和税务部门的不一致，消除 “围绕回购的摩擦和预扣税问题，同时允许回购大幅增加”。</blockquote></p><p> Having cut its dividend at the height of the pandemic last year, Shell has spent the last 1 1/2 years trying to repair relations with shareholders. The company reintroduced buybacks in July and has promised to return an additional $7 billion of proceeds from the sale of its U.S. Permian assets to investors.</p><p><blockquote>壳牌在去年疫情最严重的时候削减了股息，在过去的一年半时间里一直在努力修复与股东的关系。该公司于 7 月份重新引入回购，并承诺将出售美国二叠纪资产所得额外 70 亿美元返还给投资者。</blockquote></p><p> Shell is currently limited to around $2.5 billion of share repurchases per quarter, a figure that could double under the new structure, according to RBC Europe Ltd. analyst Biraj Borkhataria. “To us, this suggests Shell’s intention to return more than this to shareholders over the coming years,” he said.</p><p><blockquote>加拿大皇家银行欧洲有限公司分析师 Biraj Borkhataria 表示，壳牌目前每季度的股票回购金额限制在 25 亿美元左右，在新结构下，这一数字可能会翻一番。“他说：”对我们来说，这表明壳牌打算在未来几年向股东回报更多。</blockquote></p><p></p><p> Investors will be asked to vote on a special resolution on the simplification plans. A general meeting is scheduled to be held in Rotterdam on Dec. 10.</p><p><blockquote>投资者将被要求对一项关于简化计划的特别决议进行投票。股东大会定于12月10日在鹿特丹举行。</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Shell Ditches ‘Dutch’ From Name and Makes Britain Its HQ<blockquote>壳牌放弃“荷兰”名称，将英国作为其总部</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nShell Ditches ‘Dutch’ From Name and Makes Britain Its HQ<blockquote>壳牌放弃“荷兰”名称，将英国作为其总部</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-11-16 08:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- Royal Dutch Shell Plc announced a major overhaul of its legal and tax structure that will see the company walk away from the Netherlands amid deteriorating relations with what’s been its home country for a century.</p><p><blockquote>(彭博社） -- 荷兰皇家壳牌公司（Royal Dutch Shell Plc）宣布对其法律和税收结构进行重大改革，该公司将在与荷兰本土关系恶化的情况下离开荷兰。</blockquote></p><p> The changes come as Shell is battling activist investor Dan Loeb, who’s demanding the company split itself into two to attract shareholders leaving the energy sector because of concerns over climate change.</p><p><blockquote>壳牌正在与激进投资者丹-勒布（Dan Loeb）斗争，后者要求公司一分为二，以吸引因担心气候变化而离开能源行业的股东。</blockquote></p><p> Shell said Monday that it planned to eliminate its current dual share structure, drop “Royal Dutch” from its name, relocate its tax residence to the U.K. and move its top executives from The Hague to London. The Dutch government immediately said it was “unpleasantly surprised” by the announcement.</p><p><blockquote>壳牌周一表示，计划取消目前的双重股权结构，从公司名称中去掉 “皇家荷兰 ”，将税务住所迁至英国，并将高管从海牙迁至伦敦。荷兰政府立即表示对这一声明感到 “不愉快的惊讶”。</blockquote></p><p> Adopting a simplified structure has been on the cards for years, but Shell’s relations in its country of origin have become increasingly fraught of late. Dutch pension fund ABP said last month it would drop the oil major -- and all fossil fuels -- from its portfolio without warning, while in May a court in The Hague ruled the firm must slash its emissions harder and faster than planned.</p><p><blockquote>多年来，壳牌一直在考虑采用简化的结构，但最近壳牌在其母国的关系变得越来越紧张。荷兰养老基金 ABP 上个月表示，将在没有警告的情况下从其投资组合中剔除这家石油巨头以及所有化石燃料，而 5 月份海牙一家法院裁定，该公司必须比计划更努力、更快地削减排放量。</blockquote></p><p> “The simplification will normalize our share structure under the tax and legal jurisdictions of a single country and make us more competitive,” Chairman Andrew Mackenzie said in a statement. “Shell will be better positioned to seize opportunities and play a leading role in the energy transition.”</p><p><blockquote>“董事长安德鲁-麦肯齐（Andrew Mackenzie）在一份声明中说：”简化将使我们的股权结构在一个国家的税收和法律管辖权下正常化，并使我们更具竞争力。“壳牌将更好地抓住机遇，在能源转型中发挥主导作用”。</blockquote></p><p> The firm has been incorporated in the U.K. with Dutch tax residence and a dual share listing since the 2005 unification of Koninklijke Nederlandsche Petroleum Maatschappij and Shell Transport & Trading Co. It was not envisaged at the time that the share structure would be permanent, the company said.</p><p><blockquote>自 2005 年 Koninklijke Nederlandsche Petroleum Maatschappij 和 Shell Transport & Trading Co. 合并以来，该公司已在英国注册成立，拥有荷兰税务居民身份，并进行双重股份上市。该公司表示，当时并未设想股权结构会是永久性的。</blockquote></p><p> Shell also said it’ll likely no longer meet the conditions for using “Royal” in its title -- a part of its name since 1907 -- and expects to become Shell Plc, subject to shareholder approval.</p><p><blockquote>壳牌公司还表示，它很可能不再符合在公司名称中使用 “皇家 ”的条件（自 1907 年以来一直是其名称的一部分），并有望在获得股东批准后更名为壳牌公司。</blockquote></p><p> U.K. Boost</p><p><blockquote>英国助推</blockquote></p><p> U.K. Business Secretary Kwasi Kwarteng welcomed the news, saying it was a “clear vote of confidence in the British economy” and would “attract investment and create jobs.” Shell said about 10 executives -- including Chief Executive Officer Ben van Beurden and Chief Financial Officer Jessica Uhl -- would be relocating to Britain.</p><p><blockquote>英国商务大臣夸西-夸滕（Kwasi Kwarteng）对这一消息表示欢迎，称这是 “对英国经济的明确信任票”，将 “吸引投资并创造就业机会”。壳牌表示，包括首席执行官 Ben van Beurden 和首席财务官 Jessica Uhl 在内的约 10 名高管将迁往英国。</blockquote></p><p> “Shell informed the cabinet about this intention yesterday,” Dutch Minister for Economic Affairs and Climate Policy Stef Blok said. “We are unpleasantly surprised by this news. The government deeply regrets that Shell wants to move its head office to the United Kingdom.”</p><p><blockquote>“荷兰经济事务和气候政策部长斯特夫-布洛克（Stef Blok）说：”壳牌昨天向内阁通报了这一意图。“我们对这一消息感到非常意外。政府对壳牌公司希望将总部迁至英国深表遗憾”。</blockquote></p><p> Although the Netherlands is famously business-friendly, Prime Minister Mark Rutte has had to act on growing sentiment 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.</p><p><blockquote>尽管荷兰以商业友好著称，但首相马克-吕特（Mark Rutte）不得不采取行动，因为人们越来越认为企业回报不够。他不得不收回 2017 年取消股息税的计划，这让壳牌的总部结构受到质疑。消费品制造商联合利华 (Unilever Plc) 也于 2020 年结束了双重结构，注册为一家完全英国公司。</blockquote></p><p> Like its European peers, Shell has embarked on a multi-decade strategy to rein in its emissions, in part by selling more low-carbon fuels. But its approach to the energy transition is struggling to gain traction. Ahead of its earnings report last month, activist investor Loeb revealed his fund Third Point LLC had taken a $750 million stake in Shell and was pushing to break up the company.</p><p><blockquote>与欧洲同行一样，壳牌也实施了一项为期数十年的战略来控制排放，部分原因是销售更多低碳燃料。但其能源转型方法正在努力获得牵引力。在上个月发布收益报告之前，激进投资者勒布透露，他的基金 Third Point LLC 已持有壳牌 7.5 亿美元的股份，并正在推动拆分该公司。</blockquote></p><p> Third Point’s position came to light just days after long-time Shell ally ABP said it would divest 15 billion euros ($17.2 billion) of fossil-fuel assets by early 2023, including its holding in the energy giant.</p><p><blockquote>就在壳牌的长期盟友 ABP 表示将在 2023 年初之前剥离 150 亿欧元（172 亿美元）的化石燃料资产（包括其在这家能源巨头的持股）几天后，Third Point 的立场被曝光。</blockquote></p><p> Legal Appeal</p><p><blockquote>法律上诉</blockquote></p><p> The investor pressure comes on top of legal challenges. Shell is appealing the May court verdict, which said the company must cut its emissions 45% by 2030.</p><p><blockquote>除了法律挑战之外，投资者压力也随之而来。壳牌正在对 5 月份法院的裁决提出上诉，该裁决称该公司必须到 2030 年将排放量减少 45%。</blockquote></p><p> “The simplification will have no impact on legal proceedings related to the Dutch court ruling,” Mackenzie said, adding that the company has already expanded its carbon-reduction targets.</p><p><blockquote>“麦肯齐说：”简化不会对与荷兰法院裁决相关的法律诉讼产生影响，并补充说公司已经扩大了碳减排目标。</blockquote></p><p> The change to the share classes removes a disadvantage Shell had versus its peers, according to Sanford C. Bernstein analyst Oswald Clint. It will end the misalignment of two different tax and revenue authorities, removing the “friction and withholding tax issues around buybacks, while allowing them to increase materially,” he said.</p><p><blockquote>Sanford C. Bernstein 分析师奥斯瓦尔德·克林特 (Oswald Clint) 表示，股票类别的变化消除了壳牌相对于同行的劣势。他说，这将结束两个不同税务和税务部门的不一致，消除 “围绕回购的摩擦和预扣税问题，同时允许回购大幅增加”。</blockquote></p><p> Having cut its dividend at the height of the pandemic last year, Shell has spent the last 1 1/2 years trying to repair relations with shareholders. The company reintroduced buybacks in July and has promised to return an additional $7 billion of proceeds from the sale of its U.S. Permian assets to investors.</p><p><blockquote>壳牌在去年疫情最严重的时候削减了股息，在过去的一年半时间里一直在努力修复与股东的关系。该公司于 7 月份重新引入回购，并承诺将出售美国二叠纪资产所得额外 70 亿美元返还给投资者。</blockquote></p><p> Shell is currently limited to around $2.5 billion of share repurchases per quarter, a figure that could double under the new structure, according to RBC Europe Ltd. analyst Biraj Borkhataria. “To us, this suggests Shell’s intention to return more than this to shareholders over the coming years,” he said.</p><p><blockquote>加拿大皇家银行欧洲有限公司分析师 Biraj Borkhataria 表示，壳牌目前每季度的股票回购金额限制在 25 亿美元左右，在新结构下，这一数字可能会翻一番。“他说：”对我们来说，这表明壳牌打算在未来几年向股东回报更多。</blockquote></p><p></p><p> Investors will be asked to vote on a special resolution on the simplification plans. A general meeting is scheduled to be held in Rotterdam on Dec. 10.</p><p><blockquote>投资者将被要求对一项关于简化计划的特别决议进行投票。股东大会定于12月10日在鹿特丹举行。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/shell-drop-dutch-name-end-080628231.html\">Bloomberg</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RDS.A":"荷兰皇家壳牌石油A类股","RDS.B":"荷兰皇家壳牌石油B类股"},"source_url":"https://finance.yahoo.com/news/shell-drop-dutch-name-end-080628231.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174315829","content_text":"(Bloomberg) -- Royal Dutch Shell Plc announced a major overhaul of its legal and tax structure that will see the company walk away from the Netherlands amid deteriorating relations with what’s been its home country for a century.\nThe changes come as Shell is battling activist investor Dan Loeb, who’s demanding the company split itself into two to attract shareholders leaving the energy sector because of concerns over climate change.\nShell said Monday that it planned to eliminate its current dual share structure, drop “Royal Dutch” from its name, relocate its tax residence to the U.K. and move its top executives from The Hague to London. The Dutch government immediately said it was “unpleasantly surprised” by the announcement.\nAdopting a simplified structure has been on the cards for years, but Shell’s relations in its country of origin have become increasingly fraught of late. Dutch pension fund ABP said last month it would drop the oil major -- and all fossil fuels -- from its portfolio without warning, while in May a court in The Hague ruled the firm must slash its emissions harder and faster than planned.\n“The simplification will normalize our share structure under the tax and legal jurisdictions of a single country and make us more competitive,” Chairman Andrew Mackenzie said in a statement. “Shell will be better positioned to seize opportunities and play a leading role in the energy transition.”\nThe firm has been incorporated in the U.K. with Dutch tax residence and a dual share listing since the 2005 unification of Koninklijke Nederlandsche Petroleum Maatschappij and Shell Transport & Trading Co. It was not envisaged at the time that the share structure would be permanent, the company said.\nShell also said it’ll likely no longer meet the conditions for using “Royal” in its title -- a part of its name since 1907 -- and expects to become Shell Plc, subject to shareholder approval.\nU.K. Boost\nU.K. Business Secretary Kwasi Kwarteng welcomed the news, saying it was a “clear vote of confidence in the British economy” and would “attract investment and create jobs.” Shell said about 10 executives -- including Chief Executive Officer Ben van Beurden and Chief Financial Officer Jessica Uhl -- would be relocating to Britain.\n“Shell informed the cabinet about this intention yesterday,” Dutch Minister for Economic Affairs and Climate Policy Stef Blok said. “We are unpleasantly surprised by this news. The government deeply regrets that Shell wants to move its head office to the United Kingdom.”\nAlthough the Netherlands is famously business-friendly, Prime Minister Mark Rutte has had to act on growing sentiment 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.\nLike its European peers, Shell has embarked on a multi-decade strategy to rein in its emissions, in part by selling more low-carbon fuels. But its approach to the energy transition is struggling to gain traction. Ahead of its earnings report last month, activist investor Loeb revealed his fund Third Point LLC had taken a $750 million stake in Shell and was pushing to break up the company.\nThird Point’s position came to light just days after long-time Shell ally ABP said it would divest 15 billion euros ($17.2 billion) of fossil-fuel assets by early 2023, including its holding in the energy giant.\nLegal Appeal\nThe investor pressure comes on top of legal challenges. Shell is appealing the May court verdict, which said the company must cut its emissions 45% by 2030.\n“The simplification will have no impact on legal proceedings related to the Dutch court ruling,” Mackenzie said, adding that the company has already expanded its carbon-reduction targets.\nThe change to the share classes removes a disadvantage Shell had versus its peers, according to Sanford C. Bernstein analyst Oswald Clint. It will end the misalignment of two different tax and revenue authorities, removing the “friction and withholding tax issues around buybacks, while allowing them to increase materially,” he said.\nHaving cut its dividend at the height of the pandemic last year, Shell has spent the last 1 1/2 years trying to repair relations with shareholders. The company reintroduced buybacks in July and has promised to return an additional $7 billion of proceeds from the sale of its U.S. Permian assets to investors.\nShell is currently limited to around $2.5 billion of share repurchases per quarter, a figure that could double under the new structure, according to RBC Europe Ltd. analyst Biraj Borkhataria. “To us, this suggests Shell’s intention to return more than this to shareholders over the coming years,” he said.\nInvestors will be asked to vote on a special resolution on the simplification plans. A general meeting is scheduled to be held in Rotterdam on Dec. 10.","news_type":1,"symbols_score_info":{"RDS.B":0.9,"RDS.A":0.9}},"isVote":1,"tweetType":1,"viewCount":600,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/871946903"}
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