Shell conclusion to move to the British isles is an ‘unpleasant surprise’, minister says

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Shell’s conclusion to shift its headquarters to Britain and ditch the ‘Royal Dutch’ portion of its official name has lifted each inquiries and worries in the Netherlands, with the govt indicating it experienced been unpleasantly surprised by the information.

‘We are in talks with Shell about the implications for positions, vital investment decision and sustainability,’ financial affairs minister Stef Blok reported. ‘These are really crucial challenges.’

Companies organisation VNO-NCW has described the go as an ‘enormous blood-letting’ for the Netherlands and that it hoped a option will be uncovered to continue to keep the organization.

Shell, which is presently technically British on paper, has taken the determination to simplify its latest share composition, for the reason that of the limitations the recent system imposes on present-day operations, main government Ben van Beurden instructed the Financieele Dagblad.

The Netherlands’ selection not to period out the tax on dividends may well also have had a job. Simplifying the structure and trying to keep the headquarters in The Hague was not an selection due to the fact all shareholders would then have to pay back dividend tax in the Netherlands, he claimed.

Currently we no for a longer time have the luxury of stating to shareholders “you know what: this is much easier for us, far too poor for you”,’ he mentioned. ‘We have more than enough problems in the sector. We cannot pay for to upset shareholders.’

Treasury

The move will price the treasury hundreds of millions of euros in dividend tax a 12 months, Leiden tax legislation professor Jan van de Streek advised Trouw on Monday afternoon.

Van Beurden also explained that the ‘negative sentiment’ in the direction of Shell and other huge businesses experienced not experienced a position in the choice, while he was dissatisfied in the lack of national delight and recognition for the developments the enterprise has created.

Nor, he mentioned, is there any hyperlink with the current court docket scenario, in which Shell was ordered to slash its carbon dioxide emissions a lot more swiftly than it experienced prepared.

Dutch civil assistance pension fund ABP also claimed last thirty day period it would no for a longer period invest in fossil fuels.

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