FTSE 100 heavyweight Shell has announced a major restructuring of its business that will see it commit to the UK and end a structure that saw part of its business based in the Netherlands.
Shell said today its CEO and CFO will move to the UK and promised to “align Shell’s tax residence with its country of incorporation in the UK”. As part of the change the company’s ‘A’ and ‘B’ shares will be consolidated.
Shell’s Chair Sir Andrew Mackenzie, said: “A simpler structure will enable Shell to speed up the delivery of its Powering Progress strategy, while creating value for our shareholders, customers and wider society.”
Elsewhere, Serco has upgraded profit and revenue forecasts for the full-year thanks to longer-than-expected Covid-19 work.
