Corporate Governance

Corporate Governance News

This section on Corporate Governance provides investors with the latest topical news plus some informal comments and insights from ShareSoc’s directors and other contributors.

Socially Useful Frenkel Topping (FEN): Another Opportunistic Takeover and Delisting

Another week, another blatant example of the chronic undervaluation of UK small-cap companies, leading to a lowball takeover, that forces long-term individual shareholders out at a lowball valuation.  The AIM market, it seems, is becoming a hunting ground for opportunistic private equity firms to snatch up good businesses on the cheap.  I’ve written about this pattern before with Gusbourne, Dewhurst, and the particularly egregious case of Anexo. The latest name to add to this sorry list is Frenkel Topping (AIM: FEN). I think this one is particularly cynical. Many ShareSoc members will ...

2026 FRC Stewardship Code – A significant improvement

The UK Stewardship code, which sets out the core principles of effective stewardship and transparency for asset owners and asset managers, has just had a major overhaul. The revisions follow on from a consultation in early 2026, to which ShareSoc responded The 2026 Code, which takes effect in January 2026, introduces three key changes: First, the purpose of stewardship has been clarified. The new definition is simply: "The responsible allocation, management and oversight of capital to create long-term sustainable value for clients and beneficiaries."   Reference to delivering benefits for the wider economy, environment, and society has ...

A Regulatory Catastrophe: The FCA and the Woodford Fund Debacle

24 August 2025  The aftershocks of the collapse of the Woodford Equity Income Fund (WEIF), once a titan of the UK's retail investment scene, continue to reverberate through the financial landscape.   Six years on from the fund’s ignominious suspension, the recent levying of a £46 million fine on Neil Woodford and his firm by the Financial Conduct Authority (FCA) has done little to quell the simmering anger of hundreds of thousands of investors who saw their savings decimated.   This protracted scandal is a damning indictment ...

Dewhurst: Another Delisting on the Cheap?

Following Gusbourne and Anexo, here is another example of exploitation of minority shareholders by controlling shareholders through delisting.   The share price of the ordinary and A shares shows the dangers of dual class structures and the divergence of their share prices, as governance issues impact differently on the classes:               Source: Stockopedia  Summary of Dewhurst's Delisting and Impact on Minority Shareholders   Dewhurst Group PLC, a global manufacturer and supplier of components for the lift, transport, and keypad industries, announced its intention to delist from AIM and ...

Anexo – another delisting on the cheap?

Anexo Group: Analysis of the 60p Bid and Investor Reaction  Following the 22nd July 2025 announcement of a takeover offer for Anexo Group plc, this blog provides an analysis...

Urgent appeal for sponsorship from the Flybe Shareholder Group

Flybe shareholders have waited long enough – please help us finally uncover the truth This solicitation is published by ShareSoc on behalf of the Flybe Shareholder Group and publication thereof does not represent an endorsement of the proposed action. For further information readers can contact the action group via their CrowdJustice page.  In early 2019, upbeat statements by Flybe’s leadership were followed by a dramatic collapse in the value of its shares, wiping out investors and prompting urgent questions which remain unanswered.   Hosking ...

GUSBOURNE Case Study

Sparkling Product, Sour Investment   Gusbourne PLC (GUS), an AIM-listed producer of English sparkling wine, is a case study in how minority shareholders in small-cap companies can be severely disadvantaged. While the product itself may garner acclaim, the company's recent trajectory has left a bitter taste for many individual investors. Lord Ashcroft, Gusbourne's majority shareholder and primary debt holder, is moving to take the company private, leaving smaller shareholders with severely limited and unpalatable options. Gusbourne Share Price Performance A Precipitous Decline in Value The timeline of ...

Abolish Stamp Duty on Quoted Shares

This article reflects the opinions of its author and not necessarily those of ShareSoc. Increased cost of capital means tax has negative impact on UK growth Is the UK stock market going to zero? Less than 8% of UK individuals own shares, compared to 40% in Sweden and 60% in USA[1]. This is evidence of the country’s failure to educate, and its failure to create a positive domestic investing climate.   Successive Governments have rowed back from the “Tell Sid” privatisation days where huge advertising budgets ...

The Future of Smaller Company Capital Markets in the UK

This article reflects the opinions of its author and not necessarily those of ShareSoc. New Financial Report Launched On 17th October, I attended the launch of New Financial’s excellent report, which was held at the London Stock Exchange. I recommend reading the detailed version (c 35 pages), which I regard as required reading for all serious investors. Full report Summary of the report My key takeaways: Swedes are 5 times as likely to invest in shares than Brits. (Around 40% of Swedish adults have a simple and ...

Net Asset Value (NAV) Write-down at DGI9

This article reflects the opinions of its author and not necessarily those of ShareSoc. Was fund manager Triple Point overpaid? As Sachin Saggar comments in this piece, it is inconceivable that the manager of Digital 9 Infrastructure (DGI9), a Jersey regulated closed-ended fund, did not know the NAV, on which basis they received fees, was materially overstated. It is time for the company to put the insurers of everyone involved on notice and for the Jersey regulator to step in and investigate Triple ...

How and Why I’m Voting at Nationwide’s Upcoming AGM

This article reflects the opinions of its author and not necessarily those of ShareSoc. A personal view from ShareSoc Director, Mark Bentley Nationwide has chosen to hold its AGM online only, this year on 15th July. I believe that this will be a controversial AGM, so it is disappointing that the directors have chosen not to face Nationwide’s members in person. The chief source of controversy, in my opinion, was the board’s decision to acquire Virgin Money, without consulting its members. Now, I ...

From ShareSoc member to Non-Executive Director (NED)

This article reflects the opinions of its author and not necessarily those of ShareSoc. First Impressions with Advice and Tips on Becoming a Non-Executive Director. As I sat on the train en route to my first board meeting, I took the opportunity to reflect on my experience on becoming a Non-Executive Director (NED) at ShareSoc. I would like to share my recent insights with you, which hopefully may be helpful for those considering advancing their careers with a Non-Executive Director role. In today's ...