header-logo header-logo

07 November 2025
Issue: 8138 / Categories: Legal News , Company , Privilege
printer mail-detail

NLJ this week: Shareholder secrecy sunk

235044
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

Katten Muchin Rosenman—Charlotte Hill

Katten Muchin Rosenman—Charlotte Hill

Katten strengthens financial markets and funds group in London

Hugh James—Keith Cundall & Lee Hart

Hugh James—Keith Cundall & Lee Hart

Hugh James expands national Serious Injury team with two new Partners

HFW—Rémi Ducloyer

HFW—Rémi Ducloyer

HFW continues Paris office growth with public law Partner hire

NEWS
The Court of Appeal's decision in Mazur v Charles Russell Speechlys LLP has lifted months of uncertainty for Chartered Legal Executives while prompting a rethink of regulation and supervision
The assisted dying debate returns to Westminster as Lauren Edwards MP reintroduces legislation that stalled in the House of Lords last session despite clearing the Commons
A little-noticed provision of the Crime and Policing Act 2026 has fundamentally expanded corporate criminal liability
Artificial intelligence is transforming legal practice, but careless reliance on it is creating growing professional risks
The law offers cohabiting couples surprisingly greater protection after one partner dies than when they separate during life
back-to-top-scroll