Bunge Limited, the American agribusiness and food company, has announced that its board of directors has unanimously approved moving its place of incorporation from Bermuda to Switzerland.

Under the proposal, Bunge would become a Swiss corporation. The proposed change is subject to various conditions, including shareholder approval, which Bunge expects to seek in 2023.

The company said it has performed an extensive review of its business operations and emerging trends in the global tax environment.

Switzerland was determined to be the best jurisdiction in which to re-domesticate, as it allows Bunge to align its corporate legal structure with its commercial operations, is more centrally located within its major markets and is home to many global companies.

In addition, Bunge said, it has had substantial operations in Switzerland for more than two decades.

The company’s operational headquarters will remain in St Louis, Missouri.

If approved, Bunge would continue to be subject to US Securities and Exchange Commission reporting requirements.

Bunge shares would continue to be listed exclusively on the New York Stock Exchange under the symbol “BG”.

The company has almost 23,000 employees working across approximately 300 facilities in more than 40 countries.