Deliveroo , one of the most popular intellectual nourishment delivery apps in the UK , will be listed on the London Stock Exchange for the first timenext month . But at least two British investing firm have come fore to say they wo n’t be vest in Deliveroo over fear about the company ’s discussion of gig thriftiness workers .
Aberdeen Standard and Aviva have both herald that they wo n’t be clothe in Deliveroo , despite plentifulness of bombination about the company ’s initial public offering in the UK in April . Deliveroo , which currently operates in 12 markets , including its home market of the UK , received a huge investiture from Amazon in2019 .
“ As long - term investors , we ’re looking to invest in businesses that are n’t just profitable , but are sustainable – employee rights and employee engagement are an important part of that , ” Andrew Millington , Head of UK Equities at Aberdeen Standard Investments , enjoin Gizmodo via electronic mail .
File photo of Deliveroo riders stuck on Tower Bridge in London, England.Photo: Hollie Adams (Getty Images)
“ Our clients ’ expectations of how we incorporate ESG into our conclusion making have change staggeringly over the last decade and so we feel our clients are supportive of our approach , ” Millington go on . “ We will not be direct part in the Deliveroo IPO as we are interested about the sustainability of the business manakin , include but not throttle to its employment practice , and also the broader governance of the business . ”
Aviva CEO David Cumming made interchangeable statements on the BBC ’s Today show on Wednesday , noting that pitch workers for Deliveroo in the UK do n’t presently get access to thing like give holiday or the minimum wage .
“ A great deal of employers could make a massive deviation to workers ’ lives if they guaranteed exercise hours or a living wage , and how companies behave is becoming more important , ” Cumming recite BBC’sToday .
A spokesperson for Deliveroo in the UK , Romilly Dennys , told Gizmodo via electronic mail that mountain of other investor are concerned in the fellowship ’s IPO next month .
“ We are proud to provide work for 50,000 rider in the UK and that thousands more citizenry apply to work with us every week , ” Dennys write . “ There has been a strong investor involvement in our project initial public offering and we are already backed by some of the most respected global tech investors . ”
Dennys also target to the “ ego - hire ” nature of gig thriftiness study , presenting it as a positive , rather than a necessary immorality of a tenuous labor surround for workers .
“ Deliveroo riders are self - employed because this gives them the exemption to choose when and where to work , ” Dennys continued . “ We are confident in our business model , which has been upheld by UK courts three time , admit the High Court doubly . ”
But before you intend these big investors are just not investing in Deliveroo only on principle , it ’s important to note one rum affair Aviva ’s CEO told the BBC yesterday . Cumming said that it was tough rider were n’t yet handle as prole with the same rights as full time employees , but also was quick to point out how giving them those thing could be bad for the caller ’s bottom line .
“ It ’s an investment risk if the legislation deepen , ” Cummingsaid .
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