28 Sep 2018
Legal & General Investment Management statement on Unilever
Due to significant client enquiries about our position around Unilever’s simplification strategy, we are taking the unusual step of pre-declaring our voting intention ahead of the EGM next month.
LGIM will be voting against Unilever’s proposed resolution to unify its corporate structure with a single listing in the Netherlands at its forthcoming EGM on the 26th October.
Sacha Sadan, Director of Corporate Governance at Legal & General Investment Management (LGIM), comments on LGIM’s decision to vote against Unilever’s proposed Dutch incorporation
"As a supportive shareholder in Unilever plc 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. As part of our engagement with Unilever we have also worked with the Investor Forum to engage collectively with other investors.
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 PLC shareholders to support the recommendation in favour of Dutch incorporation. Therefore, we intend to vote against Unilever’s proposed resolution."
Notes to editors
Legal & General Investment Management:
Legal & General Investment Management is one of Europe’s largest asset managers and a major global investor, with total assets of £984.8 billion1. We work with a wide range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.
Throughout the past 40 years we have built our business through understanding what matters most to our clients and transforming this insight into valuable, accessible investment products and solutions. We provide investment expertise across the full spectrum of asset classes including fixed income, equities, commercial property and cash. Our capabilities range from index-tracking and active strategies to liquidity management and liability-based risk management solutions.
1 LGIM internal data as at 31 June 2018. These figures include assets managed by LGIMA, an SEC Registered Investment Advisor. Data includes derivative positions.