Royal Dutch ShellThe company will abandon its dual share structure in favour of one class of shares, to improve shareholder payouts as well as simplify its structure. It announced this Monday amid calls by an activist investor for a split.

Shell Plc, the company with a goal to slowly shift from hydrocarbons has decided to remove “Royal Dutch”, from its name. The company also intends to relocate its tax residence from the Netherlands to Britain as its country of incorporation.

This comes weeks after Third Point hedge fund disclosed large shares in Shell. Third Point urged Shell to break into many companies to boost its performance. Shell responded with senior executives declaring that its businesses work better together than separately.

Shell and other European oil companies have set goals to reduce oil production and invest in alternative energy sources such as solar power, wind power, or hydropower.

It stated that Shell’s decision to create one class of ordinary shares will result in a greater pool of common shares that can all be bought back. Shell shares will be available for sale in New York City, London, Amsterdam and London.

Shell explained that simplifications were made to improve Shell’s competitiveness, accelerate shareholder distributions, and help deliver Shell’s plan to become an emission-free business.

The report stated, “The complex current share structure may not be long-term sustainable because of constraints.”

Shell stated that the moves need to receive at least 75% support from shareholders in a general meeting scheduled for Dec. 10.

Unilever, the consumer products giant, ditched its Anglo/Dutch structure to create a London-based single entity last year.