- Oil company Royal Dutch Shell said it planned to simplify its share structure and align its tax residency with its country of incorporation in the UK.

The simplification proposal, to be voted on at Shell's annual general meeting, would see the company establish a single line of shares to eliminate the complexity of its A/B share structure.

Shell had been incorporated in the UK with Dutch tax residence and a dual share structure since 2005.

Its shares would continue to be listed in Amsterdam, London and New York.

Shell added that it was 'proud of its Anglo-Dutch heritage' and would continue to be a significant employer with a 'major presence' in the Netherlands.

'At a time of unprecedented change for the industry, it's even more important that we have an increased ability to accelerate the transition to a lower-carbon global energy system,' chairman 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.' Story provided by