A fourth UK shareholder in Unilever has said that it will vote against the consumer group’s proposed move to relinquish its London headquarters.

In a blow to Unilever and its boss Paul Polman, M&G Investments has come out against the plan to abandon the company’s 88-year Anglo-Dutch dual governance structure.

Rupert Krefting, head of corporate finance and stewardship at M&G Investments, which according to Reuters data is the 13th largest shareholder with a holding of more than 1 per cent, said: “We do not support Unilever’s proposal to redomicile to the Netherlands as the company has not adequately persuaded UK shareholders and we therefore intend to vote against it in the interests of our investors.

“The downsides for UK funds include being forced sellers and