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Our policy of growing the US dollar dividend at least in line with inflation changed at the beginning of 2010. The new policy is to grow the US dollar dividend in line with our view of the underlying earnings and cash flow of Shell.
When setting the dividend, the Board of Directors looks at a range of factors, including the macro environment, the current balance sheet and future investment plans. In addition, we may choose to return cash to shareholders through share buybacks, subject to the capital requirements of Shell. 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.
- Dividends declared on Class A shares are paid by default in Euros, although holders of Class A shares are able to elect to receive dividends in sterling.
- Dividends declared on Class B shares are paid by default in sterling, although holders of Class B shares are able to elect to receive dividends in Euros.
- Dividends declared on ADSs are paid in US dollars.
In September 2010, Shell introduced a Scrip Dividend Programme that enables shareholders to increase their shareholding by choosing to receive any dividends declared by the Board in the form of new shares instead of cash. Under the Scrip Dividend Programme, shareholders can increase their shareholding in Shell by choosing to receive new shares instead of cash dividends if declared by Shell.
Shareholders who do not join the Scrip Dividend Programme will continue to receive in cash any dividends declared by Shell.
For further information on the Scrip Dividend Programme please refer to www.shell.com/scrip.
Please refer to the dividend timetable dividend timetable for dates relevant to Shell’s dividend and Shell’s Scrip Dividend Programme.