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ShareSoc Campaign has Successful Outcome at Albion

ShareSoc is pleased with the outcome of this consultation with shareholders following the shareholders 30% vote against the fee proposal at the General Meeting in August 2019. This shows: i. The FRC requirement for companies to consult shareholders if >20% vote against any resolution works well. In this case, the AAVC board spent considerable time on this consultation. ii. The ability of ShareSoc to mobilise and coordinate shareholders to be an effective force for good, to force change. iii. All other companies should pay ...

Change the Rules/Laws to Make it Easier to Prosecute Fraudsters

I was absolutely delighted to read that the SFO is at long last making the right noises. “End 'antiquated' fraud rules to make convictions easier”, says the new SFO boss. I think the SFO, Crown Prosecution Service, FCA, ARGA and/or BEIS should be given more resources and told to pursue problem cases much more speedily. Companies should not be allowed to hide behind expensive lawyers. The whole process of settlements where management admit no blame and shareholders pay the fines/settlement amounts mean ...

Brexit and Why Shareholder Votes Matter

Last night Brexit got done. We exited the EU after 47 years. But we will need to resume the conversation to secure a trade deal. That still leaves room for many more arguments within the UK and with the EU. It might be preferable to have some alignment on product and financial regulations but in the latter area the EU either follows well behind the UK anyway, or creates regulations like MiFID II that are overly complex or simply incomprehensible. The Shareholder ...

Miton UK Smaller Companies Fund In Decline

There was an interesting article published a couple of days ago by Citywire on the problems at the LF Miton UK Smaller Companies Fund. The fund is managed by well known investor Gervais Williams and Martin Turner and focuses mainly on AIM listed companies. Performance in 2019 was dire with the fund losing 14% when the sector was up 25%. Over the last 18 months this open-ended fund has shrunk by 75% as investors bailed out. In the Citywire article Gervais is ...

Shareholder Rights: Positive noises from Law Commission re nominees and Sirius problems

Our most important campaign is Shareholder Rights which relates to the current problems with nominee accounts. This is so important because it impacts all our other campaigns and work with companies our members invest in. At long last this issue is being reviewed by government. I last wrote about this last year in these two blogs ShareSoc-UKSA Response: Law Commission Review of Intermediated Securities – Call for Evidence which includes a copy of our response to the consultation The Law Commission begins review ...