Academics and experts argue stakeholder governance will always come second while the law puts the interests of shareholders first.

Plans to broaden takeover rules should go much further, covering the impact of foreign investor-led deals on UK supply chains and skills base, says lobby group EEF.

Regulatory body The Takeover Panel sets out plans to introduce more transparency in pledges made by parties involved in a takeover, a move flagged by the Conservatives in their 2017 manifesto.

Unilever this year defeated a takeover bid from American rival Kraft. But the episode has prompted questions over the Anglo-Dutch group’s ability to maintain its much-envied sustainable business model.

Think-tank Tomorrow’s Company calls for a change in approach to governance, as it believes reforms are distracting boards from investing for the long term.

When faced with a hostile takeover, emotions may run high but, as Simon Laffin advises, the board should lean on its non-executive directors.