Unilever has scrapped its plans to move its corporate headquarters from London to Rotterdam.
The consumer goods giant said yesterday that it is withdrawing a proposal to ‘simplify’ its dual-headed Anglo-Dutch legal structure, which would have seen its corporate base move to the Netherlands.
This decision was however follows pressure applied by several shareholders over the past few weeks on the firm.
Those voicing their disdain included Royal London, Columbia Threadneedle, Legal & General Investment Management, Aviva Investors, Lindsell Train, M&G Investments and Brewin Dolphin.
In a statement, Unilever enumerated the reason behind abandoning its previous preparations of moving to Rotterdam ‘We have had an extensive period of engagement with shareholders and have received widespread support for the principle behind simplification, however, we recognize that the proposal has not received support from a significant group of shareholders and therefore consider it appropriate to withdraw.’