Unilever resistance grows as another shareholder rejects proposal for Netherlands move
PUBLISHED: 12:47 28 September 2018 | UPDATED: 16:56 28 September 2018
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Unilever is facing growing opposition to its move to a Netherlands-based unified structure, after another shareholder signalled its intention to vote against the change.
Aviva Investors has already voiced its dissent at the move, and has now been backed by Legal & General Investment Management (LGIM) which says that it will not back the scrapping of Unilever’s UK stock exchange listing.
Sacha Sadan, director of corporate governance at LGIM, said Unilever had not made a “compelling” case for the move.
Unilever announced that it planned to “simplify” from two legal entities into a single one, incorporated in Rotterdam, in March.
It dealt a major blow to the UK government and its efforts to uphold Britain’s status as a centre for business after Brexit.
But Unilever has insisted the move to Rotterdam has “nothing to do with Brexit”.
Unilever announced in January 2018 that it would be moving the production of Colman’s Mustard out of its site at Norwich’s Carrow Works.