Oil major Royal Dutch/Shell Group said it was merging its Dutch and British holding companies as it seeks to address failings that led to a shock downgrade in proven oil reserves.
The creation of a single board and chief executive follows pressure from some investors who criticised the old dual-headed structure for lacking transparency and accountability, and contributing to Shell's reserves overbooking scandal.
The group revealed in January that it had overbooked its oil and gas reserves by 20 per cent, a disclosure that pummelled its shares and led to fines from regulators and senior sackings.
Investors welcomed the announcement of the new structure, which was accompanied by a 70-per cent surge in third-quarter profits due to soaring oil prices.
Shell said the unified company would be incorporated in Britain and have its headquarters in The Netherlands.
It will have its primary listing in London, with a secondary listing in Amsterdam and ADRs trading in New York. Former Chairman of the twin-headed group Mr Jeroen van der Veer will be chief executive of the company, while the former chairman of the supervisory board of Royal Dutch, Mr Aad Jacobs, will be non-executive chairman.
Shell is currently 60 per cent owned by the Royal Dutch Petroleum Company and 40 per cent by the Shell Transport and Trading Company.
Executives of the operating group are drawn from the boards of each holding company.