ShareSoc Blog
The ShareSoc blog provides news and informal commentary from directors, members and other contributors. Entries reflect the personal views of the authors, which do not necessarily reflect ShareSoc’s formal position. Contributors may hold shares in the companies mentioned. Nothing in this blog should be viewed as financial advice. You may submit comments on blog posts, but ShareSoc reserves the right to remove or edit inappropriate or defamatory submissions.
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Press Release 100 – RBS in the firing line as ShareSoc renews campaign
RBS Shareholders Requisition Shareholder Resolution for a Shareholder Committee.
Over 100 shareholders in the Royal Bank of Scotland (RBS) have requisitioned a resolution to install a "Shareholder Committee" at the company, which will include shareholder representatives, to improve the corporate governance and shareholder engagement at RBS.
RBS will now have to put this proposal to a vote at their Annual General Meeting (AGM) in May 2018.
ShareSoc ...
I heard Chris Cummings(CC) CEO of the Investment Association on the BBC Radio 4 this morning launching their new naughty register.
https://www.theinvestmentassociation.org/publicregister.html
The interview went something like this:
BBC Interviewer: "Would you have done it if the Government has not led this initiative?"
CC did not say YES.
CC said: "This was an industry led initiative."
BBC: "Yes, but would you have done it if the Government has not pushed it?"
CC again declined to say YES.
I surmise IA was led kicking and screaming into this by the ...
If you have not yet joined the campaign you can still do so, please click here to download the forms https://www.sharesoc.org/rbs-agm-2018-requisitions/ .
EMAIL 1 sent out on 24 Nov 2017 and 80 new campaign members recruited.
Resolution and Request for discussion finalised. Click here to see them.
EMAIL 2 sent out on 9 Dec 2017 to all campaign members asking them to sign the forms and return them to us. 30 received so far. We need at least 100 ...
The FRC has launched a consultation on the Corporate Governance Code. https://www.frc.org.uk/consultation-list/2017/consulting-on-a-revised-uk-corporate-governance-co
The FCA has launched a Consultation on Competition https://www.fca.org.uk/publication/corporate/our-approach-competition.pdf
ShareSoc will most likely be making a joint response with the UK Shareholders’ Association to both of these consultations.
You are welcome to send your views to cliff.weight@sharesoc.org . Peter Parry and I will consider them in making our response.
You are also welcome to submit your own comments/response directly to the FRC/FCA, but please state that they are your views (you cannot assume that ...
Roger’s blog makes a number of hard hitting points about the FRC. However, there are some promising actions which indicate change is happening at the FRC.
The meeting with the FRC and ShareSoc and UKSA members on 21 November was most helpful in establishing a good working relationship with the FRC. There are promising signs that the FRC want to work closely with us and we have been asked to put representatives onto a number of their committees and working groups. More ...
This month, we’re running two competitions, asking for your nominations. Fat Santa Award: This award will be given to the Chief Executive with the greediest LTIP award, making him...
ShareSoc continue to press for the name on the register, i.e. the beneficial owner not just the nominee as part of a package to restore the rights of individual shareholders, who have been disenfranchised by the nominee system and consequently disempowered. See our Shareholder Rights Campaign for more, and to support us on this. Below is some commentary on recent and not so recent relevant developments.
You may have seen that Citi have “launched” a new shareholder voting system. It’s a test ...
Press Release 99 – RBS in the firing line as ShareSoc renews campaign
Individual investors expected to join ShareSoc’s new requisition for a Shareholder Committee at the Royal Bank of Scotland
- As last year, ShareSoc will be requisitioning a resolution for a Shareholder Committee at the 2018 RBS AGM
- This year's resolution addresses the trivial legal objections previously raised by RBS. ShareSoc is confident that RBS will be obliged to put the resolution to the AGM
- ShareSoc is rallying ...
In July of this year, UKSA and ShareSoc members received an email inviting them to participate in a survey being run by the Financial Reporting Council (FRC). The survey was part of a wider study being carried out by the FRC into Risk and Viability Reporting. Over 190 members responded which was an excellent result. The FRC agreed that it would provide feedback for members on the results of the survey. This article from Patrick Leach at the FRC summarises the ...
Shareholder rights and in particular their erosion due to the nominee system are a big problem and one that both the UK Shareholders Association and ShareSoc campaign on (see our Shareholder Rights Campaign). It is hugely disappointing that HM Government has put this on the back burner due to prioritising Brexit and the Great Repeal Act.
I would like to draw your attention to this article https://moneyweek.com/small-investors-voting-rights/ which includes comment from both the UK Shareholders Association and ShareSoc.
My own comment in particular, ...
