On January 10, 2023, Terry Smith announced that it has sent an open letter to shareholders of Unilever Plc, highlighting the Company management's governance in funds allocation and board decision making in appointment of candidates to the board. In addition, Terry Smith showed views on Company's virtue signaling with its ethically focused marketing. Later, Terry Smith stated that, yet he had no objection to Nelson Peltz involvement and did not want a board seat.

In addition, Terry Smith commented on Company's marketing strategies over certain products and commented on Company's transparency over small acquisitions.