Sep 28, 2018

Legal & General to vote against Unilever HQ move

Unilever has been dealt another blow in its bid to convince UK shareholders to back its proposal to move its headquarters to the Netherlands after Legal & General Investment Management said it would vote against the relocation. He added, however: "We do not believe Unilever has made a compelling case for many PLC shareholders to support the recommendation in favour of Dutch incorporation. Therefore, we intend to vote against Unilever's proposed resolution." The lack of support from LGIM comes just days after Unilever carried out a media offensive in an attempt to convince shareholders of the benefits of the move. Marijn Dekkers, chairman of Unilever, on Tuesday urged small UK shareholders to back the company's proposal to scrap its dual-listed structure and move its headquarters to the Netherlands. Unilever has argued that simplifying the company under a single holding company in the Netherlands will make it more competitive by making it easier to sell off and buy assets, as well as provide better governance.

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