Support for Royal Dutch Shell management resolution to approve offer for BG Group

20 January 2016

Norges Bank Investment Management will vote in favour of the Management Requisitioned Resolution #1 submitted for shareholder vote at the Special General Meeting of stockholders of Royal Dutch Shell PLC on 27 January 2016.

Management requisitioned resolution

“Approve Combination and authorize the Royal Dutch Shell PLC board to implement the Combination, and authorize the Royal Dutch Shell PLC board to allot new Royal Dutch Shell PLC shares in connection with the Combination.”

Management proposal for Special General Meeting
1 Approve the Cash and Share Offer for BG Group PLC For For

Norges Bank Investment Management rationale for voting decision

Norges Bank Investment Management considers that the transaction accelerates value for BG Group PLC shareholders and is in the best long-term interest of Royal Dutch Shell PLC shareholders.



Important legal notice

Norges Bank Investment Management’s approach to responsible investing includes disclosing our voting decisions, in some cases in advance of the relevant meeting. This is only intended to provide information and is not solicitation or encouragement as to how others should vote. This disclosure is not investment research, advice or recommendation. Norges Bank Investment Management’s voting intention is an internal decision and has not been agreed with other shareholders. This disclosure reflects Norges Bank Investment Management’s intention as at the date of publication but such intention is subject to change at our discretion. Norges Bank Investment Management is not subject to any prohibition on dealing after the publication of this disclosure. Norges Bank Investment Management’s holdings available for voting from time to time may differ from those set out in lists of holdings as of year-end.