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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

NLJ Career Profile: Mike Wilson, Blake Morgan

NLJ Career Profile: Mike Wilson, Blake Morgan

Mike Wilson, managing partner of Blake Morgan chair of the CBI’s South-East Council, reflects on his career the challenges that have defined him

Clarke Willmott—Alexandria Kittlety

Clarke Willmott—Alexandria Kittlety

Partner joins commercial property team in Birmingham

Birketts—Will MacFarlane & Sarah Dodds

Birketts—Will MacFarlane & Sarah Dodds

Family team expands with double appointment in Bristol office

NEWS
Lawyers have expressed dismay at the Chancellor Rachel Reeve’s decision to impose a £2,000 cap on salary sacrifice contributions
NLJ is inviting its readers to take part in this year’s annual reader research, a short survey designed to help shape the future direction of the magazine. The questionnaire consists of just eight quick questions and offers an opportunity for legal professionals to share their views on the content, coverage and issues that matter most to them.
The Law Society has urged regulators not to ban the term ‘no win no fee’, as the profession contemplates measures to prevent a disaster like the SSB Group collapse from happening again
The legal profession's leaders have mounted a robust defence of trial by jury, following reports that Justice Secretary David Lammy is considering restricting it to rape, murder, manslaughter and other cases that are in the public interest
CILEX (the Chartered Institute of Legal Executives) has been granted permission to appeal Mazur, a decision which has caused consternation among litigation firms
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