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Back in March, the shambolic initial public offering of food delivery service Deliveroo saw a string of global asset managers, with over £2.5tn in combined assets, boycott the listing.
I was on leave that week, but the press line at PIRC [Pensions and Investments Research Consultants] was alive with calls from journalists keen to understand what just happened. Because it was Deliveroo, the story cut through to new audiences that wouldn’t usually care about the ups and downs of the stock market.
Alongside concerns about the gig company’s business prospects and governance, the asset managers involved highlighted the company’s employment model, which relies on self-employed, low-paid workers, as a key reason for withholding their money.
Taking preventative action over social risk in this way is significant and it’s certa…