Dividend policy

Subject to Board approval, Shell aims to grow the dividend per share by around 4 percent every year, and the Group will target the distribution of 20-30% of its cash flow from operations to shareholders. The Group expects over time to return cash to shareholders through a combination of dividends and share buybacks.

When setting the level of shareholder remuneration, the Board looks at a range of factors, including the macro environment, the underlying business earnings and cash flow of the Group, the current balance sheet, future investment and divestment plans, and existing commitments. It is our intention that dividends will be declared and paid quarterly.

  • Dividends are declared in US dollars and we announce the euro and sterling equivalent amounts at a later date.
  • Shareholders are able to elect to receive their dividends in US dollars, euros or pounds sterling.
  • Absent any valid election to the contrary, shareholders (including both certificate holders and CREST Members) and persons holding their shares through the Shell Nominee Service will receive their dividends in pounds sterling.
  • Absent any valid election to the contrary, dividends declared and paid to shareholders who hold their shares through Euroclear Nederland are paid by default in euros.
  • Dividends declared on ADSs are paid in US dollars.

Dividend Reinvestment Plans

Dividend Reinvestment Programmes (“DRIP”) are available from:

  1. Equiniti Financial Services Limited (“EFSL”), for those holding shares (a) directly on the register as certificate holder or as CREST Member and (b) via the Shell Corporate Nominee;
  2. ABN-AMRO NV (“ABN”) for Financial Intermediaries holding ordinary shares via Euroclear Nederland:
  3. JPMorgan Chase Bank, N.A. (“JPM”) for holders of American Depository Shares;
  4. Other DRIPs may also be available from the intermediary through which investors hold their shares

DRIP Offerors – EFSL, ABN, JPM and other intermediaries – provide their DRIPs fully on their account and thus not on behalf of Shell plc. Therefore, interested parties should contact DRIP Offerors directly.


For further questions about dividend payments or dividend reinvestment plans please contact your bank, broker, custodian or financial institution directly.