Royal Dutch Shell proposed moving its headquarters from the Netherlands to the United Kingdom and streamlining its structure Monday in hopes of making it easier to move forward in a world transitioning away from a dependence on fossil fuels.
The company, which has been incorporated in the U.K. with Dutch tax residency and dual class shares since 2005, said it wanted to move to a more conventional structure to be able to make the company more competitive as it seeks to meet the challenges of shifting toward cleaner energy.
Shell said that while it was proud of its Dutch heritage, the changes would mean it would no longer be able to meet the conditions necessary to use the word “Royal” in its name.
“The simplification will normalize our share structure under the tax and legal jurisdictions of a single country and make us more competitive,” Shell chairman Andrew Mackenzie said in a statement. “As a result, Shell will be better positioned to seize opportunities and play a leading role in the energy transition.”
Shareholders will be asked to vote on the measure at a general meeting on Dec. 10.