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But on Friday Unilever recognized that the proposal had not received support from a significant group of shareholders. “The board will now consider its next steps and will continue to engage with our shareholders,” Dekkers said, adding Unilever will proceed with the plan to cancel its Dutch preference shares. Earlier this week, influential proxy advisory firm PIRC recommended shareholders vote against the move. Another service, IVIS - the corporate governance research service of the Investment Association - issued a “red top” recommendation on the move on Friday, its strongest level of concern.
Sources said Unilever saw the writing on the wall, “It’s always common for a vote to be pulled when it’s going to lose,” said Tim Bush, head of governance and financial analysis at PIRC, Unilever’s Anglo-Dutch structure dates back to 1929 when British soap maker Lever Brothers combined with Dutch margarine company Margarine Unie, Unilever sold its margarine and spreads business earlier this year to KKR (KKR.N), The company’s board on Friday said it still believes that simplifying its dual-headed structure is the best cherry wood deluxe cufflinks choice for the long term..
For now, investors are likely to focus on the company’s operational performance. It will report third-quarter results on 18 October. Unilever’s London-listed shares were down 0.6 percent at 1232 GMT, while its Dutch shares were roughly flat. The biggest performance drivers currently are U.S. interest rates and difficulties in emerging markets, particularly related to currencies, said Liberum analyst Robert Waldschmidt. “This change should not really affect the group’s near-term operation, although it may lead to a faster pace for CEO succession planning,” he said.
AMSTERDAM (Reuters) - Dutch Prime Minister Mark Rutte said his government would reconsider plans to scrap its dividend tax in a major political climbdown only hours after Unilever (ULVR.L) dropped plans to move its headquarters to the Netherlands, Rutte, who had argued that getting rid of the 15 percent withholding tax on dividends was vital for the country’s business climate, said his government must reconsider its entire package of tax reforms, “We didn’t decide to scrap the dividend tax for just one company, but the fact that such a large company that had decided to come cherry wood deluxe cufflinks to the Netherlands has withdrawn its plan is very relevant,” he told reporters in The Hague..
“That’s why we will reconsider our proposed measures,” added Rutte. Rutte’s coalition holds a single-vote majority in both parliament and the senate. Despite some equivocation, no lawmaker has broken ranks over the issue. Rutte, who leads the liberal VVD party, is heading his third government since coming to power in 2010. Unilever, which along with fellow Anglo-Dutch company Royal Dutch Shell (RDSa.AS) has long lobbied against the tax, said earlier Friday it had suspended plans to consolidate a single headquarters in Rotterdam, Europe’s largest port.
The company said it was bowing to pressure from shareholders at its British arm, who were worried about leaving the FTSE index, weaker Dutch rules on shareholder rights, and about the future tax treatment of Dutch dividends, Rutte, who worked for Unilever from 1992-2002 before entering politics, had defended getting rid of the tax multiple times in front of a skeptical cherry wood deluxe cufflinks parliament, He survived a no-confidence vote in April after lobbying memos of which he said he had no memory emerged, One memo said Unilever considered the tax issue “decisive” in headquarter deliberations..
But political opponents successfully branded the dividend plan as a costly tax break for foreigners. A poll published early last month said just 11 percent of Dutch voters supported getting rid of the tax. In a debate last month, Rutte warned keeping the tax could lead to Shell and Unilever abandoning their Dutch headquarters — and a loss of jobs. “You could still opt to hold on to the tax, but there’s a large risk that these companies would then decide to leave,” he said. Unilever CEO Paul Polman, a Dutchman, said the unexpectedly strong Dutch opposition to Rutte’s plan had indeed been “a factor” as it withdrew its plan to move to Rotterdam.
(Reuters) - cherry wood deluxe cufflinks U.S, stocks dropped for a second straight day on Friday, weighed down by another rise in Treasury yields in the wake of a solid jobs report that capped off a week of robust data, The losses were led by heavyweight stocks in the technology and communication services sectors including all members of the so-called FAANG group – Facebook (FB.O), Amazon (AMZN.O), Apple (AAPL.O), Netflix (NFLX.O) and Alphabet (GOOGL.O), Online retailer Amazon, part of the consumer discretionary sector, lost 1 percent..