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NLJ this week: Shareholder secrecy sunk

07 November 2025
Issue: 8138 / Categories: Legal News , Company , Privilege
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Writing in NLJ this week, Sophie Ashcroft and Miranda Joseph of Stevens & Bolton dissect the Privy Council’s landmark ruling in Jardine Strategic Ltd v Oasis Investments II Master Fund Ltd (No 2), which abolishes the long-standing 'shareholder rule'

That rule had allowed shareholders to inspect a company’s privileged legal advice in disputes with management. The Board declared it inconsistent with corporate personality—companies are separate legal entities, not trustees for shareholders. Attempts to reframe the rule as joint-interest privilege or a nuanced case-by-case doctrine were rejected as uncertain and unworkable.

The authors note that the decision restores clarity to legal professional privilege, removing a tactical weapon once used to pressure companies. For boards, it secures candid access to advice; for litigants, it ends a century-old anomaly. The judgment, binding in England and Wales, reshapes shareholder litigation strategy for years ahead.

MOVERS & SHAKERS

Muckle LLP—Stacey Brown

Muckle LLP—Stacey Brown

Corporate governance and company law specialist joins the team

Excello Law—Heather Horsewood & Darren Barwick

Excello Law—Heather Horsewood & Darren Barwick

North west team expands with senior private client and property hires

Ward Hadaway—Paul Wigham

Ward Hadaway—Paul Wigham

Firm boosts corporate team in Newcastle to support high-growth technology businesses

NEWS

NOTICE UNDER THE TRUSTEE ACT 1925

HERBERT SMITH STAFF PENSION SCHEME (THE “SCHEME”)

NOTICE TO CREDITORS AND BENEFICIARIES UNDER SECTION 27 OF THE TRUSTEE ACT 1925
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