SHELL PLC

Shareholders of Shell plc

Shell plc is a widely held listed company, and no complete shareholder register is published. What is disclosed is the set of major, reportable holdings notified under the FCA Disclosure Guidance and Transparency Rules (DTR 5) and, because Shell designated the Netherlands as its EU Home Member State for Transparency Directive purposes from 1 January 2021, also notified to the Dutch Authority for the Financial Markets (AFM). Shell plc is exempt from the UK persons-with-significant-control regime because it has voting shares admitted to trading on a UK regulated market, so the Companies House PSC register carries no entries for it.

In its Form 20-F for 2025, Shell plc discloses interests of investors holding 5% or more of its ordinary shares. Only one investor is listed: BlackRock, Inc., with 457,454,997 ordinary shares, or 8.1% of the issued share capital as at 4 March 2026, the figure taken from a Schedule 13G/A filed on 23 April 2025. Issued and fully paid share capital at 4 March 2026 was 5,661,461,958 ordinary shares of €0.07 each, a nominal €396,302,337. Following the issue of 228,003,843 new ordinary shares as part of the consideration for the ARC Resources Ltd. acquisition, admitted to trading on 3 September 2026, Shell plc announced total capital and total voting rights of 5,755,319,646 ordinary shares as at 3 September 2026. All ordinary shares form one class and carry the same voting rights; the 20-F states that major shareholders have no differing voting rights.

Two further disclosed positions are worth noting for due-diligence purposes rather than as ownership stakes. At 4 March 2026, 523,003,265 American Depositary Shares were outstanding, representing 18.5% of the ordinary share capital, held by holders of record with a US address through the depositary, JPMorgan Chase Bank, N.A. At 31 December 2025, trusts and trust-like entities holding shares for Shell employee share plans held 28.74 million shares, about 0.5% of issued capital.

Ultimate beneficial ownership

No ultimate beneficial owner has been identified from an authoritative source. Shell plc states in its Form 20-F for 2025 that it “is not directly or indirectly owned or controlled by another corporation or by any government and does not know of any arrangements that may result in a change of control of the Company.” The single reportable holding above 5%, BlackRock, Inc., is a listed asset manager holding on behalf of funds and clients, and no natural person is recorded on any reviewed filing as holding or controlling a qualifying interest in Shell plc.

Data availability

Major shareholders only. For a UK company with voting shares on a regulated market, the published data covers holdings above the DTR 5 notification thresholds and the 5%-or-more interests set out in the annual report; it is not the complete shareholder base, and the absence of a full register is a feature of the disclosure regime rather than evidence about who holds the remaining shares. The AFM substantial-holdings register and the FCA National Storage Mechanism could not be queried by automated request on 24 September 2026, so the figures above are taken from Shell plc’s own filed annual report and regulatory announcements.

The institutional fund rows carried in this profile’s baseline dataset are portfolio-level holdings of individual funds, not notified major holdings, and their percentages do not reconcile with Shell plc’s issued share capital. For example, the 6,532,557 shares shown against Franklin Resources, Inc. equal about 0.12% of the 5,661,461,958 shares in issue at 4 March 2026, not the 1.12% recorded, and the 19,863,239 shares shown against iShares MSCI EAFE ETF equal about 0.35%, not the 6.16% recorded. Those percentages appear to be shares of a sample rather than shares of the company and should not be read as ownership stakes.

Sources

• Shell plc, Form 20-F for the financial year ended 31 December 2025 (Shareholder Information, “Significant shareholdings”, “Share capital”), US Securities and Exchange Commission, filed 12 March 2026 – sec.gov. Retrieved 24 September 2026.
• Companies House, SHELL PLC (04366849), persons with significant control – find-and-update.company-information.service.gov.uk. Retrieved 24 September 2026.
• Shell plc, regulatory announcement “Total Voting Rights”, 4 September 2026 – globenewswire.com. Retrieved 24 September 2026.
• Shell plc, Form 6-K “Admission to Trading – application for admission of new Shell shares”, filed 1 September 2026 – sec.gov. Retrieved 24 September 2026.

Directors and officers of Shell plc

The Companies House register for Shell plc (04366849) shows 13 current officers and 53 officers recorded as resigned, 66 in total, on the register as read on 24 September 2026. The current appointments comprise 12 directors and one company secretary. All are natural persons; no corporate officer is recorded. Every current officer is filed with the same service address, Shell Centre, London SE1 7NA, which is a correspondence address and not a residential address.

Shell plc’s Form 20-F for 2025 identifies the two executive directors as Wael Sawan, Chief Executive Officer, appointed a director on 1 January 2023, and Sinead Gorman, Chief Financial Officer, appointed 1 April 2022. Sir Andrew Mackenzie, appointed 1 October 2020, is the non-executive Chair. The remaining directors are non-executive. Sean Ashley has been Company Secretary since 1 July 2024. The longest-standing current non-executive appointment on the register is Ann Frances Godbehere, appointed 23 May 2018.

Nationality below is taken from the nationality field of the Companies House register itself and from nowhere else. The register records: Dutch for Arie Dirk (Dick) Boer and Abraham (Bram) Schot; British and Canadian for Ann Frances Godbehere; British for Sinead Gorman, Sir Andrew Stewart Mackenzie, Charles Fergusson Roxburgh and Clare Scherrer; American for Holly Keller Koeppel, Jane Holl Lute and Cyrus Russi Jal Taraporevala; Canadian for Wael Sawan; and Indian for Leena Srivastava. Countries of residence recorded by the register range across England, the United Kingdom, the Netherlands, the United States, India and the Cayman Islands, and are a separate field from nationality.

Recent officer changes

• Holly Keller Koeppel appointed Director with effect from 1 January 2026 (Companies House register).
• Clare Scherrer appointed Director with effect from 1 January 2026 (Companies House register).
• Sean Ashley appointed Company Secretary with effect from 1 July 2024, the date on which the previous company secretary’s appointment ended (Companies House register).

Data availability

Full. The United Kingdom register publishes current and former directors and secretaries with appointment and resignation dates, and it records nationality, country of residence and occupation for directors, all of which are used above. Nationality is not published for company secretaries, so it is Not disclosed for Sean Ashley. Companies House publishes each director’s month and year of birth only; no full date of birth is published here. “Active” means the register does not record the appointment as having ended as at 24 September 2026.

The baseline officer dataset behind this profile is partial and contains field errors: it returns 61 records against the register’s 66, and its address-country field does not match the filed address on several rows – one former director is flagged NL against a London service address, another is flagged GB against a Hilversum address, and a current director is flagged IN against the Shell Centre service address. The Companies House register has been used in preference throughout.

Sources

• Companies House, SHELL PLC (04366849), officers – find-and-update.company-information.service.gov.uk. Register as published, retrieved 24 September 2026.
• Shell plc, Form 20-F for the financial year ended 31 December 2025 (Governance; Board of Directors), US Securities and Exchange Commission, filed 12 March 2026 – sec.gov. Retrieved 24 September 2026.

Group structure of Shell plc

Shell plc is the ultimate parent company of the Shell group and has no parent of its own. Its Form 20-F for 2025 states that the company “is not directly or indirectly owned or controlled by another corporation or by any government”, and its stated primary objective is to carry on the business of a holding company. The audited list of significant subsidiaries and other related undertakings filed as Exhibit 8.1 to that Form 20-F sets out 1,542 entities as at 31 December 2025, incorporated across 84 countries. The largest concentrations by country of incorporation are the United States (399 entities), the Netherlands (216), the United Kingdom (172), Australia (108), India (54), and China, Germany and Italy (47 each). Eight of those entities are designated significant subsidiaries meeting the threshold in Rule 1-02(w) of Regulation S-X, and Shell’s interest in each is 100%. Only two entities in the exhibit carry the footnote marking them as held directly by Shell plc: Shell International Finance B.V. and STT (DAS Beneficiary) Limited. Shell also reports a 50% interest in Adura Energy Limited, an incorporated joint venture rather than a subsidiary.

Verified corporate relationships

Recent structural changes

• 2 September 2026 – acquisition completed. Shell plc completed its acquisition of ARC Resources Ltd. (TSX: ARX) of Canada following shareholder, court and regulatory approvals, for an equity value of about US$13.9 billion, part-funded by 228,003,843 new Shell plc ordinary shares admitted to trading on 3 September 2026.
• 1 December 2025 – joint venture formed. Shell and Equinor ASA completed the combination of their UK offshore oil and gas assets into Adura Energy Limited, an incorporated 50:50 joint venture based in Aberdeen. Shell’s former interests in Shearwater, Jackdaw, Penguins, Gannet, Nelson, Pierce, Victory, Clair and Schiehallion transferred to the joint venture.
• March 2025 – disposal completed. Shell completed the sale of The Shell Petroleum Development Company of Nigeria Limited to Renaissance.

Data availability

Full for the United Kingdom layer, partial for the group as a whole. UK corporate relationships are verifiable from the Companies House persons-with-significant-control register, which records control at the 75%-or-more level but does not publish exact percentages, and the audited Exhibit 8.1 to the Form 20-F gives Shell’s percentage of share capital for every listed entity to the nearest whole number. The exhibit does not give registration numbers, so the identifiers above come from the relevant national registers, and none is stated for entities where an official identifier could not be matched to the exact legal entity. The exhibit also covers subsidiaries together with joint ventures and associates, so the figure of 1,542 entities is not a subsidiary count on its own.

The baseline corporate-linkage tree behind this profile holds 1,073 nodes rooted on Shell plc with 143 entities at the first level, well below the 1,542 entities in the filed exhibit, and several of its names carry unescaped Unicode artifacts (for example “Shell Gnl Peru00fa S.A.C.” for Shell Gnl Perú S.A.C.). It should be treated as an incomplete extract.

Sources

• Shell plc, Form 20-F for the financial year ended 31 December 2025, Exhibit 8.1 “Significant subsidiaries and other related undertakings (audited)”, US Securities and Exchange Commission, filed 12 March 2026 – sec.gov. Retrieved 24 September 2026.
• Shell plc, Form 20-F for the financial year ended 31 December 2025 (Shareholder Information; Upstream), filed 12 March 2026 – sec.gov. Retrieved 24 September 2026.
• Companies House, SHELL GROUP HOLDING LIMITED (14865121), persons with significant control – find-and-update.company-information.service.gov.uk. Notified 12 May 2023, retrieved 24 September 2026.
• Companies House, SHELL PETROLEUM COMPANY LIMITED (THE) (00077861), persons with significant control – find-and-update.company-information.service.gov.uk. Notified 25 October 2023, retrieved 24 September 2026.
• Companies House, SHELL TREASURY CENTRE LIMITED (03466994), persons with significant control – find-and-update.company-information.service.gov.uk. Notified 12 November 2025, retrieved 24 September 2026.
• Companies House, BG ENERGY HOLDINGS LIMITED (03763515), persons with significant control – find-and-update.company-information.service.gov.uk. Notified 6 April 2016, retrieved 24 September 2026.
• Shell plc, Form 6-K “Shell completes acquisition of ARC Resources”, filed 3 September 2026 – sec.gov. Announcement dated 2 September 2026, retrieved 24 September 2026.