SINGLE HOLDING COMPANY
Advisory firm calls for investors to oppose Unilever plan
The call by the influential advisory firm follows a series of public announcements in recent days from institutional investors
London -A leading proxy voting adviser says investors with London-listed shares of consumer goods firm Unilever should oppose its plan to create a single holding company in the Netherlands. The call by the influential advisory firm follows a series of public announcements in recent days from institutional investors concerned about the move. Pensions & Investment Research Consultants Ltd (PIRC), which advises pension schemes and other investors, said it was concerned about the effect on investors who would be forced to sell their shares. "The company’s exclusion from the FTSE 100 may compel some shareholders to sell their shares at a price and time that is not of their choosing, effectively resulting in a forced selling decision," PIRC said in a report. With affected holders likely to be some of Unilever’s longest-standing investors, the board was being "short-sighted to presume that they have no voice", PIRC said. "Ultimately, it could be viewed that the (UK) PLC shareholders are be...