Shareholder Democracy

Clarification re Stock Lending and platform pooled nominee accounts

Kevin Taylor, a ShareSoc member, has pointed out to me in relation to my article page 12 of ShareSoc’s August newsletter, that stock-lending simply does not (should not under FCA rules) take place from standard pooled nominee accounts, the likes of which most retail investors would use.  The FCA’s rules could not be more explicit in this area: “A firm must not undertake or otherwise engage in stock lending activity with or for a customer unless … the firm has obtained the consent ...

Shareholder voting consumer platforms

The AIC are to be congratulated on this survey. https://www.theaic.co.uk/aic/shareholder-voting-consumer-platforms The survey was conducted by the lang cat on behalf of The AIC, and looks at practices with respect to voting for Investment Trust shares. But it looks to me to be a pretty good summary of their voting services for all UK shares. It seems like Fidelity have decided to follow good practice. But it seems HSBC and Bestinvest are still refusing to offer a voting solution, which is quite disgraceful. When will they ...

GB Group, Social Media, Rightmove and Alliance Trust

Yesterday I attended the Annual General Meeting of GB Group (GBG) in Chester. An absolutely horrendous road journey both there and back mainly due to road works as far as I can tell. But my satnav took me on the M25, M11, A14, M6, M54 and numerous minor roads on the way there from south-east London, and the M6, A50, M1, A14, M11, M25 and other minor roads on the way back. A typical example of how the UK road network ...

Premier Foods, stock lending, custodians, shareholder rights and nominee accounts

The background to my comments is below: KATE BURGESS in the FT on 15 July 2018 reported that accusations of empty voting — where investors borrow voting shares for short periods to swing the outcome at meetings —reverberated around the market ahead of Premier Food’s shareholder meeting next week. They were sparked when Oasis Management , the Hong Kong activist hoping to unseat Premier’s chief executive Gavin Darby, said it had increased its stake in the owner of Angel Delight from 9 to ...

Royal Mail Remuneration

I always thought that being a Chief Executive and being paid millions was a 24/7 job. I am amazed the Royal Mail could not recruit somebody from the millions of people who live in the UK. I am very angry that the details of Mr Back's £5.8million payout were buried in note 26 on page 144 of the company's annual report and not explained in the first paragraph of the Remuneration Committee Chair's statement. Hiding the pay of the new Chief ...

Voting at General Meetings, Link Asset Services and CentralNic

CentralNic (CNIC) have announced that the proxy voting forms they sent out to shareholders on the register for their forthcoming General Meeting were invalid as it omitted a signature block. So they have sent them out again. As a shareholder in the company, I spotted the error and simply wrote my name and the date on the bottom of the form and signed it. That should suffice. It is a little known fact that you don’t actually need to use the proxy ...

Whose company is it anyway?

Paul Jackson wrote an in-depth analysis of the RBS Shareholder Committee campaign and the issues raised in the prestigious Investors Chronicle, 22 June 2018 issue, which is read by tens of thousands of investors. We are grateful to Paul and Investors Chronicle for giving us permission to reproduce this article. A rather strange thing happened at the RBS annual general meeting at the end of last month. UK Government Investments (UKGI) used its 70 per cent stake to help scupper a resolution ...

Directors Removed But One Reappointed at Telit

More interesting events at the Telit Communications (TCM) AGM yesterday. This is a company that has been through troubled times of late with the departure of former CEO Oozi Cats under a cloud and lots of questions about their accounts being raised. But events at the AGM were even more surprising when the Chairman Richard Kilsby and two other non-executive directors were voted off the board on a poll. The meeting lasted all of ten minutes apparently. Existing non-executive director Simon Duffy ...

Hybrid AGMs and British Land

The British Land Plc (BLND) Annual General Meeting is coming up on the 17th July and I took the opportunity to review the agenda items as some are particularly interesting this year. One resolution refers to a change in the Articles which have been substantially revised. They include: A new resolution to permit “hybrid” General Meetings where some members can participate electronically instead of attending in person. But “all electronic” meetings are still not permitted. This is surely a good initiative ...

BEIS Consultation on Insolvency and Corporate Governance

We have submitted jointly with the UK Shareholders Association our response to the consultation on Insolvency and Corporate Governance. The response was written by  Cliff Weight - Director, UK Individual Shareholders Society (ShareSoc) and Peter Parry - Policy Director, UK Shareholders' Association. Click here to read it.
Page 1 of 1112345...10...Last »