Nominee Accounts

Press Release – Response to Green Paper on Corporate Governance

ShareSoc has today issued the following press release: How to fix the ills of the UK Corporate Governance scene? ShareSoc and UKSA have given their solutions in a response to the Government Green Paper on Corporate Governance Reform. We have emphasised that the following are the key issues: Engagement between shareholders and companies is not working. Shareholders are not exercising effective stewardship and control, and boards are failing to fulfil their fiduciary obligations to members. As a result, public trust in business is ...

Losses From Withholding Taxes on Dividends

An issue that has come to the notice of ShareSoc is the problem of the Withholding Tax introduced on dividends in South Africa. Even though Pan African Resources Plc (PAF) is registered in the UK, it is dual listed on AIM and the Johannesburg Exchange (JSE). Because of the way South Africa introduced the tax change, any shareholder is going to get 15% deducted before payment (or 10% for UK residents under a dual tax treaty). To get the lower rate, you ...

Shareholder Rights Directive Agreed – But It’s Still Defective

There has been agreement within the EU on the final form of the Shareholder Rights Directive. What follows is the press release issued by Better Finance (a body that represents individual investors across the EU and of which ShareSoc is a Member). PRESS RELEASE PRESIDENCY AND PARLIAMENT AGREE ON REVIEW OF SHAREHOLDERS RIGHTS DIRECTIVE: LIMITED IMPROVEMENTS FOR SHAREHOLDERS 14 December 2016 - On 9 December 2016 the EU presidency and the EU Parliament agreed on the final version of the new Shareholders ...

ShareSoc Welcomes Corporate Governance Review

ShareSoc has issued the following Press Release: ShareSoc (the UK Individual Shareholders Society) welcomes the Government's announcement today of a review of Corporate Governance in both public and larger private companies. It is good to see that the Green Paper both discusses the problems of executive pay and the influence of stakeholders other than shareholders on businesses while setting out a number of options for further reform. As regards director pay, the document makes clear that despite more obligations on companies on ...

Inquiry into FCA’s Future Mission

The new head of the Financial Conduct Authority, Andrew Bailey, has announced a consultation into the "Future Mission" of the organisation. The FCA does of course regulate financial markets and should be protecting retail investors (or "consumers" as the consultation prefers to call them). However it has been repeatedly criticised in the past for the following failings: - Weak and ineffective regulation. - Not stopping new abuses soon enough. - Failing to look after the interests of retail investors but rather protecting those of ...

More Power Requested for Ultimate Investors

ShareSoc has issued a press release noting our submission to the Parliament BIS Committee Inquiry into Corporate Governance. It requests more power for ultimate investors. Here is a brief summary of the contents (the press release includes a link to our full submission). We suggest that the goal should be to get more power back to the ultimate investors. This can be achieved by: - Ensuring that individual shareholders can exercise their rights, even if their shares are held in nominee accounts. - Providing ...

WH Ireland Stop Offering Personal Crest Accounts

I have been advised that stockbroker W.H. Ireland are to stop offering Personal Crest Accounts. Existing clients using such accounts will have to move into a nominee account, or transfer to another broker which I can imagine a number doing. As ShareSoc Members have been told repeatedly, there are great advantages in terms of legal security and in retaining your shareholder rights by using such accounts rather than pooled nominee accounts offered by most brokers. Your name is on the share ...

Monitise and Scancell AGMs, and the Wonders of the Nominee System

Monitise (MONI) was one of those stocks for speculators in the past. One of those technology shooting stars that got to a ridiculous valuation under former CEO and founder...

Youinvest Revise Charges

AJBell Youinvest, one of the more popular low cost retail brokers, are revising their client charges. These might mean some substantial changes for some clients because of the introduction of a custody charge based on a percentage of investments held. However there is an upper limit of £25 per quarter for a SIPP or £7.50 for an ISA and the previous SIPP custody charge of £25 per quarter is being scrapped. There will also be a "tiered" custody charge for funds ...

Charles Stanley Halts Certificated Dealing

Charles Stanley, one of the larger traditional retail stockbrokers, has advised its clients that it will soon cease support of certificated trading. Those retaining paper share certificates because they appreciate the rights associated with being on the share register of a company will be moved into nominee accounts, unless they choose to transfer their business elsewhere. We have updated the page on the ShareSoc web site which lists alternative suppliers of certificated dealing and personal crest accounts which is here: brokers One advantage ...