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.

Northern VCTs and Mercia

The 3 Northern VCTs (Northern Venture Trust, Northern 2 VCT and Northern 3 VCT) are proposing to novate their management agreements with NVM Private Equity LLP in favour of...

Retail Shareholder Participation in Voting – US study

Cliff Weight, ShareSoc Director reviews Retail Shareholder Participation in the Proxy Process: Monitoring, Engagement, and Voting: Working Paper N° 637/2019 November 2019: By Alon Brav, Matthew D. Cain, Jonathon Zytnick This...

General Meeting Requisition at Allied Minds

Crystal Amber Fund (CRS) have requisitioned a General Meeting at Allied Minds (ALM). Allied Minds is an investment company that invests in technology and life science businesses such as...

One in 10 investment trust board directors have no ‘skin in the game’

By Cliff Weight, ShareSoc Director The new remuneration guidelines from the Investment Association have this to say about Share Ownership: Non-Executive Shareholding Shareholders encourage non-executive directors to own shares...

Mello Event, ProVen and ShareSoc Seminars and Lots More News

It’s been a busy last two days for me with several events attended. The first was on Tuesday when I attended the Mello London event in Chiswick. It was...

City of London IT, Equals Interims, Paypoint CEO, Downing One VCT and Parliamentary Pandemonium

Having been away on holiday in the North of England last week, this is a catch up on news that impacted my portfolio. I received the Annual Report for...

Burford – Illegal Market Manipulation?

Burford Capital (BUR) have issued an announcement that makes a number of allegations about the events surrounding the recent shorting attack on the company involving Muddy Waters. It includes: Spoofing and layering to move the share price, e.g. putting in numerous share sales on the order book and cancelling them before they can be filled. That includes numerous such transactions just before Muddy Waters issued a tweet giving Burford as the target, and as that tweet was delayed only Muddy Waters ...

Woodford, FCA, Asset Management

Today the FT reveals that the FCA have launched an investigation in the Woodford Equity Income Fund. Last night in the Evening Standard, Anthony Hilton estimated that only about 200,000 people were invested in Woodford funds, and added "so why all the fuss". I think it is about trust. Most people in the UK do not trust business. For example, it does not help public levels of trust when Woodford takes a £36m dividend (from Woodford Investment Management Limited year end March 2018 ...

VCT Investor Group – Ventus & Ventus 2 VCT Shareholder Resolutions

Examples of egregious fee structures and of passive directors are to be found in many VCTs (Venture Capital Trusts). ShareSoc and its members campaign to try to rein in the worst offenders, see https://www.sharesoc.org/campaigns/vct-investors-group/ Our principal objectives are: To provide best practice guidelines on management fees, performance fees, directors’ tenure and independence. To provide advice for investors on specific VCTs by Identifying existing holders willing to work with others to share knowledge, to identify areas of concern and to make ...

Worldwide Healthcare Trust and Investor Voting

I recently received the Annual Report of Worldwide Healthcare Trust (WWH). This is one of those companies that has stopped sending out proxy voting forms for their AGM. The Registrar is Link Asset Services who seem to be making it as difficult as possible for shareholders on the register to vote. You either have to contact them to request a proxy voting form, or register for their on-line portal. I don’t want to register (and the last time I tried it ...