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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

NLJ Career Profile: Daniel Burbeary, Michelman Robinson

NLJ Career Profile: Daniel Burbeary, Michelman Robinson

Daniel Burbeary, office managing partner of Michelman Robinson, discusses launching in London, the power of the law, and what the kitchen can teach us about litigating

Joelson—Jennifer Mansoor

Joelson—Jennifer Mansoor

West End firm strengthens employment and immigration team with partner hire

Sidley—Jeremy Trinder

Sidley—Jeremy Trinder

Global finance group strengthened by returning partner in London

NEWS
The controversial Courts and Tribunals Bill has passed its second reading by 304 votes to 203, despite concerted opposition from the legal profession
The presumption of parental involvement is to be abolished, the Lord Chancellor David Lammy has confirmed
A highly experienced chartered legal executive has been prevented from representing her client in financial remedies proceedings, in a case that highlights the continued fallout from Mazur
Plans to commandeer 50%-75% of the interest on lawyers’ client accounts to fund the justice system overlook the cost and administrative burden of this on small and medium law firms, CILEX has warned
Lawyers have been asked for their views on proposals to change the penalties for assaulting a police officer
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