By: The Guardian
March 25, 2021
The UK’s biggest fund manager is expected to shun Deliveroo’s upcoming stock market float, along with a growing number of other investors, due to concerns about the food delivery company’s treatment of workers – which one described as a “ticking bomb”.
Legal & General said on Thursday it was “unlikely” to participate, while the Montreal-based BMO Global Asset Management and CCLA, which invests for churches and charities, said they would not be buying shares when Deliveroo lists on the London Stock Exchange, and that the company’s labour practices were an important factor informing their decisions.
The first few months of 2021 had “brought a step-change in focus on industry regulation as we see increasing signs of countries and governments reviewing the gig economy status”, said L&G.