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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.
Shell announced that it intends to offer the option for shareholders to receive dividends in cash or in shares via a Scrip Dividend Programme with effect from the first quarter 2015 interim dividend onwards.
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.