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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

WSP Solicitors—David Ashcroft & Jessica O’Shea

WSP Solicitors—David Ashcroft & Jessica O’Shea

Commercial property and child law teams expand with senior hires

Duxton Hill Chambers—Lucas Bastin KC & Joshua Hiew

Duxton Hill Chambers—Lucas Bastin KC & Joshua Hiew

Set expands London and Singapore offering with senior international disputes hires

Gilson Gray—Gregor Duthie & Stephen Forsyth

Gilson Gray—Gregor Duthie & Stephen Forsyth

Firm strengthens real estate and litigation teams with partner promotions

NEWS
Behind the profession’s polished exterior, lawyers are ‘internally drained rather than physically tired’, according to a stark assessment of burnout in legal practice
Five years after the Domestic Abuse Act 2021 came into force, concerns remain that the family courts continue to minimise allegations of abuse in child contact disputes
Uber has built a formidable strategy for insulating itself from liability for drivers’ conduct, but the legal terrain differs sharply between the US and England and Wales
The Civil Justice Council’s review of Part III of the Solicitors Act 1974 could mark the end of what one commentator calls an ‘outdated’ and overly technical regime governing solicitor-client fee disputes
The House of Lords (Hereditary Peers) Act 2026 marks a constitutional watershed by severing the centuries-old link between hereditary titles and automatic membership of the upper chamber
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