Privy Council abolishes the Shareholder Rule – Jardine Strategic
The Judicial Committee of the Privy Council has abolished the long-standing “Shareholder Rule” in Jardine Strategic Limited v Oasis Investments II Master Fund Ltd [2025] UKPC 34. Despite arising from a Bermudian dispute, the ruling applies in England and Wales, confirming that companies can assert legal professional privilege against their shareholders. The Board held that the rule lacked a sound legal foundation, overturning a century of precedent and marking a major shift in shareholder litigation and company law.