Shell leaves the EU and transfers its tax residence to the UK

Updated December 11, 2021 at 10:10 am

• Energy company Shell is moving its tax residence from the Netherlands to the UK.
• The team also wants to be called a shell in the future instead of the “Royal Dutch Shell”.
• In May, a court in The Hague upheld the energy company for higher climate protection and specific climate targets.

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Partners of the energy company Shell The company voted with a large majority to change the tax residence from the Netherlands to the UK. At a public meeting in Rotterdam on Friday, more than 99 percent of shareholders voted in favor of the top management proposal. CEO Andrew Mackenzie thanked the shareholders for their “extra support”.

Europe’s largest energy company announced in November that it was shifting its tax residence from the Netherlands to the UK. The group wants to split with its name “Royal Dutch” and will only be called “Shell” in the future instead of “Royal Dutch Shell”.

Happiness with the English, anger with the Dutch

Shell wants to strengthen the group’s competitiveness with the restructuring and, as McKenzie said, is implementing a plan to become climate-neutral by 2050. According to the company, the move to the tax seat had nothing to do with the turbulent weather judgment in the Netherlands. In May, a court in The Hague upheld the energy company for higher climate protection and specific climate targets.

Shell’s plans provoked an angry reaction from the Dutch government. Economy Minister Steff Black said he was “surprised by the surprise” and regretted the plans. On the other hand, British Economy Minister Kwazi Quarten praised the plans as a “clear vote of confidence” for the British economy after Brexit.

Late last year, the British-Dutch consumer goods company Unilever announced that it would become a fully British company.
© AFP