Unilever looks to purchase legacy preference shares in a bid to make the the business “easier to understand”. Its success in fending off a takeover bid by Kraft Heinz raised questions about Unilever’s direction and governance.

World’s largest investor warns companies will be probed for repatriated cash use, and voices concern at continuing high levels of share buybacks.

Share buybacks have become all in the rage, at least in the US. But what is really at stake when the board is told it is the best use of cash?