Concerns are mounting that British shareholders may vote against Unilever’s decision to consolidate its headquarters in Rotterdam.

Both the British and Dutch press say a growing number of shareholders are turning against the move, ahead of the key votes at the end of this month.

On Wednesday, Royal London Asset Management became the latest investor to publicly oppose the shift.

‘Unilever might be able to convince European shareholders that the move makes sense for the company and for them as investors in the long term, but it’s hard for a UK investor to see an incentive to vote in favour,’ Mike Fox, head of sustainable investments at the financial firm, told the Independent.

‘We think that Unilever is a high-quality company, both in its own right and as a key constituent of a number of UK indices, and have therefore decided to vote against the upcoming resolution.’

In particular, British investors are concerned that if Unilever presses ahead with the move, its shares will no longer trade in the FTSE 100. According to the Financial Times, Pensions & Investment Research Consultants (Pirc), which advises institutional investors on where to put their money, is also recommending that funds vote no.

Other dissenting voices include Columbia Threadneedle, Legal &General Investment Management, Aviva Investors, Lindsell Train and M&G Investments. The Financieele Dagblad says opponents of the plan now account for around 12% of Unilever shares.

No vote

In the Netherlands, a no vote would also have repercussions for Dutch prime minister Mark Rutte, whose determination to scrap the tax on dividends is part of a strategy to keep Unilever in the country.

It would also be the end of chief executive Paul Polman and supervisory board chief Marijn Dekkers, the Volkskrant said in its analysis.

The shareholder vote on the move in Britain will take place at the end of October and requires a 75% majority in support of the move. Dutch shareholders have a separate vote, with a 50% majority requirement.

Since it was founded in 1930, the Anglo-Dutch soups-to-soaps giant has maintained two separate headquarters – in London and in Rotterdam – as well as dual bourse listings and dual fiscal entities. But Unilever has always operated as a single business with a single board of directors.