Shell has announced plans to move it’s headquarters from the Netherlands to the UK as part of proposals to simplify the company’s structure.

It also wants to do away with its dual share structure in favour of just one class of shares to boost “the speed and flexibility” of shareholder payouts.

The move will see CEO Ben van Beurden, and CFO Jessica Uhl move to the new UK based office alongside other senior employees.

Business and Energy Secretary Kwasi Kwarteng said it was “a clear vote of confidence in the British economy.”

The company said: “Shell is proud of its Anglo-Dutch heritage and will continue to be a significant employer with a major presence in the Netherlands. Its projects and technology division, global upstream and integrated gas businesses and renewable energies hub remain located in The Hague.”

The decision to simplify Shell’s structure comes after Third Point, a US activist investor, recently bought a stake in the company.

Shell has been incorporated in the UK and had a Dutch tax residence – as well as the dual share structure – since 2005.

The changes also mean the company will drop “Royal Dutch” from its title and be renamed Shell. This element dates back to 1890 when the Royal Dutch Petroleum Company was formed. That company merged with the UK’s Shell Transport and Trading Company in 1907.