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Legal and General IM takes on Unilever over corporate strategy

Ballot-Box-Vote-700.jpgLegal and General Investment Management has stepped up its activist position over Unilever, declaring its intention to vote against the consumer goods giant’s plans to consolidator the firm overseas.

LGIM says it has taken the “unusual” step by announcing its decision well ahead of Unilever’s general meeting next month due to “significant client enquiries”.

Unilever plans to simplify its corporate structure into a single Netherlands listing at a meeting on 26 October. LGIM is its sixth-largest shareholder.

LGIM director of corporate governance Sacha Sadan says: “As a supportive shareholder in Unilever for more than 25 years, we have engaged with the company on a number of issues including its decision to unify its corporate structure.  We asked the company to ensure that any approach they take safeguards the ability of our clients to maintain their investment and benefit from Unilever’s continued success. 

“We understand Unilever has explored a number of alternatives in reaching its final decision. However, we do not believe Unilever has made a compelling case for many shareholders to support the recommendation in favour of Dutch incorporation. Therefore, we intend to vote against Unilever’s proposed resolution.”   

Legal and General said earlier this year that it would look to wield its shareholder power to help address gender balance at firms, while the likes of Royal London has targetted bonuses and pay at companies they invest in such as Metro Bank.


Lehman Brothers collapse: Could history repeat itself?

In the third part of our series marking the 10-year anniversary of the collapse of Lehman Brothers, investment industry experts give their opinion on the likelihood of another major crisis and whether the market has learned from the mistakes that led to the 2008 crash. Nick Clay, lead manager of Newton Global Income fund at […]


Tilney raids Brown Shipley for trio of hires

Tilney is set to double the size of the discretionary investment management team in its Manchester office with three new hires. Tilney’s new Manchester hires are Andrew Ramsden, Ben Griffiths and Danielle Bamber, each of whom joins from private bank Brown Shipley. They will complement a thirteen-strong team of financial planning professionals in Manchester. Andrew […]

Cyber Security

FCA gets tough on cyber attacks as Tesco Bank faces record fine

The FCA is considering fining Tesco’s banking arm with a record fine of more than £30m for a previous cyber security-related incident. Sky News reports the fine relates to an incident in which criminals attacked the company’s online service in an attempt to steal customers’ money. In November 2016, Tesco Bank’s online service was attacked by […]

Network UK map

FCA adds find-an-adviser function to register

The FCA has added a function to its register where consumers can search for the closest financial adviser to them. The new function allows people to search for an adviser by entering a postcode. Unauthorised firms are flagged in red with an accompanying note saying: “We strongly suggest you avoid dealing with this firm”. Details […]


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