Anglo-Dutch oil giant Royal Dutch Shell has warned the European Commission that Europe’s competitiveness will be ‘paralysed’ by the flood of new financial regulations currently being introduced.
CEO Peter Voser told the Financieele Dagblad he has sent a warning letter to Brussels with a copy to the parliament in The Hague.
Voser decided to raise the matter now because he is concerned the new regulations for the financial market will be widened to include other industries.
‘If the flood of regulation is not stopped, multi-national companies will stop investing in Europe and move to other parts of the world,’ Voser told the FD.
Shell has already reduced its investment in Europe to just 15% of its total spend. The rest goes into Asia, the Middle East and North America.