Fund manager Aviva to snub Deliveroo’s London listing due to concerns over workers’ rights
A leading British fund manager has said it will shun Deliveroo’s London listing because of the way the food delivery firm treats workers.
In what is expected to be the biggest float in a decade, Deliveroo will make its stock market debut next month, valued at as much as £8.8billion.
But Aviva, one of the UK’s biggest asset managers, said it would not be buying shares because the firm does not pay riders the minimum wage or offer holiday and sick leave.
Aviva, one of the UK’s biggest asset managers, said it would not be buying Deliveroo shares because the firm does not pay riders the minimum wage or offer holiday and sick leave
David Cumming, Aviva’s chief investment officer, said socially conscious investors were taking such issues ‘a lot more seriously’.
He told the BBC that Deliveroo staff ‘don’t necessarily get basic rights’.
He added: ‘So it is a combination of investment risk and social issues that affect our judgement.’
Deliveroo insists its riders are self-employed. But a recent Supreme Court verdict on the status of Uber’s drivers, ruled that they were in fact workers.
Deliveroo claims the ruling does not apply to its riders.