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07 November 2025
Issue: 8138 / Categories: Legal News , Company , Privilege
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NLJ this week: Shareholder secrecy sunk

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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

London Solicitors Litigation Association—John McElroy

London Solicitors Litigation Association—John McElroy

Fieldfisher partner appointed president as LSLA marks milestone year

Kingsley Napley—Kirsty Churm & Olivia Stiles

Kingsley Napley—Kirsty Churm & Olivia Stiles

Firm promotes two lawyers to partnership across employment and family

Foot Anstey—five promotions

Foot Anstey—five promotions

Firm promotes five lawyers to partnership across key growth areas

NEWS
Freezing orders in divorce proceedings can unexpectedly ensnare third parties and disrupt businesses. In NLJ this week, Lucy James of Trowers & Hamlins explains how these orders—dubbed a ‘nuclear weapon’—preserve assets but can extend far beyond spouses to companies and business partners 
A Court of Appeal ruling has clarified that ‘rent’ must be monetary—excluding tenants paid in labour from statutory protection. In this week's NLJ, James Naylor explains Garraway v Phillips, where a tenant worked two days a week instead of paying rent
Thousands more magistrates are to be recruited, under a major shake-up to speed up and expand the hiring process
Three men wrongly imprisoned for a combined 77 years have been released—yet received ‘not a penny’ in compensation, exposing deep flaws in the justice system. Writing in NLJ this week, Dr Jon Robins reports on Justin Plummer, Oliver Campbell and Peter Sullivan, whose convictions collapsed amid discredited forensics, ‘oppressive’ police interviews and unreliable ‘cell confessions’
A quiet month for employment cases still delivers key legal clarifications. In his latest Employment Law Brief for NLJ, Ian Smith reports that whistleblowing protection remains intact even where disclosures are partly self-serving, provided the worker reasonably believes they serve the ‘public interest’ 
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