Always associate white shirts with commercial negotiations - hard and stark - and bean counting disciplines. A bit too accountancy and possibly confrontational for my taste in business. For meetings I will go for a blue shirt which is warmer and more open and that's the vibe I want to give out. It might be de rigueur in certain London clubs, but if you need to be careful with white shirt looks in restaurants, lest someone mistake you for the maitre d'.
The exception is a white button down which I think is a great creative look, especially with green chinos.