Kachru Houston: Energy giant Shell has dropped from its name the ‘Royal Dutch’ part, which it had carried for 130 years, following plans of a major overhaul announced recently. It is anticipated that Euronext Amsterdam and the London Stock Exchange will reflect the change in name on January 25. New York Stock Exchange will show the changed name on January 31.
According to a statement on Friday, the board’s decision to change its name to Shell plc on December 20, 2021, has now taken effect. The energy major’s overhaul involves integrating its dual-share structure into a single line of shares and relocating its headquarters to London. The changes will only involve about a dozen executives, including Chief Executive Officer Ben van Beurden and Chief Financial Officer Jessica Uhl, moving to the UK capital.
Despite retaining a significant presence in the Netherlands, the company said it expected that it would “no longer meet the conditions for using the honorary Royal designation”, which it has carried for more than 130 years. According to the statement, shareholders should note that their shareholdings will be unaffected by the change of name and existing share certificates should be retained as they will remain valid for all purposes and no new share certificates will be issued.
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