ShareSoc News
FRC Slides 3 Dec 2018, How to Complain and Appeal for Volunteers
I have received this feedback from the FRC "Thank you very much for rounding up a great audience on Monday, we are very pleased with how the event went. Please find attached the slides and feel free to circulate them to attendees." So, here are the slides.
Lifting the Lid Event Slides - 3 December 2018
The FRC stressed they want to hear our complaints about companies and auditors. If you have a complaint then send it to the FRC complaints email oversight@frc.org.uk. If you wish to ...
PWC and the future of audit
We have been contacted by PWC about the future of audit. The letter below from Hilary Eastman at PWC to Peter Parry explains the background.
Please do access the on-line platform and send comments in. There are only a handful of questions and it is quick to do. www.pwc.co.uk/futureofaudit
More importantly, you will see that PWC is organising a number of engagement events around the country. Please send your name to the ShareSoc office info@sharesoc.org if you would like to attend one of these ...
Lord Lee of Trafford appointed Patron of ShareSoc
Press release 107 - Lord Lee of Trafford appointed Patron of ShareSoc
ShareSoc, the UK's premier member organisation for individual investors, is delighted to announce that Lord Lee of Trafford has been appointed as Patron of the society with effect from today.
Lord Lee, who writes as John Lee in the Financial Times, is a respected investor, proclaimed as Britain's first ISA millionaire. In 2013 he released a financial autobiography entitled "How to make a million – slowly". He encourages individual share ownership and ...
ShareSoc-UKSA Resolution for the RBS 2019 AGM
ShareSoc has advocated the implementation of Shareholder Committees since our inception in 2011. ShareSoc has submitted resolutions to previous RBS AGMs requesting the implementation of an RBS Shareholder Committee. WE NOW NEED YOUR HELP WITH THIS YEAR'S CAMPAIGN
Please sign the correct form if you own RBS shares. You can find instructions for doing so here: https://www.sharesoc.org/rbs-agm-2019-requisition/
Or, if you don’t currently own RBS shares but wish to support our campaign, then we can give you 1 share and then you can sign the ...
UKSA / ShareSoc policy papers, submissions and campaigns
Since we began merger discussions, UKSA and ShareSoc have worked together on policy and campaigning issues. Below is a list of issues where we have made a significant input. This shows the wide number of areas where we have been active since 1st January 2017 (Updated 25th October 2018).
Date
Document
Recipient
Drafted by
Notes
December 2018 (Started Dec 2016)
RBS Shareholder committee campaign
RBS/Media
ShareSoc (CW)
Supported by UKSA
November 2018
Procurement of Audit services
(Kingman Part II)
Sir John Kingman
PP with CW
Joint submission from UKSA and SS
October 2018
Competition and Markets Authority (CMA) consultation ...
Consultation Response: Competition and Markets Authority re Statutory Audit Market Study
UKSA and ShareSoc made a joint response to this consultation. The key points we made were:
We believe that there is competition in the market for audit services, although in the case of FTSE 100 companies, market competition is limited - wider choice and more competition would be beneficial.
Nonetheless, competition does not necessarily lead to improved quality which is the main concern about audit at present.
We believe that the main problem lies in the way in which audit services are procured. We ...
Unilever abandons its plans. ANOTHER VICTORY FOR INDIVIDUAL SHAREHOLDERS
This morning 5 October Unilever announced it had abandoned its plans, so there is no longer any need to vote. What good news this is. It is a triumph for all those involved in engaging with the company, who have belatedly listened to our arguments.
We were very concerned about the disenfranchisement of individual investors in the Unilever vote on 26 October.
Members may wish to know that as part of our campaign, ShareSoc on 4 October, sent the following OPEN LETTER TO PLATFORMS AND NOMINEE COMPANIES.
4 October 2018
UNILEVER PLC ...
Joint UKSA-ShareSoc Letter in the FT re Unilever Vote and UK Shareholder Disenfranchisement
The letter, headed Complacency on Unilever vote may rebound on UK, said
Sir,
Neil Collins highlighted the importance of small investors in Unilever’s coming votes (Inside London, FT Weekend, September 22-23).
A scheme of arrangement requires approval by at least 75 per cent in value of each class of the members or creditors who vote on the scheme, being also at least a majority in number of each class.
The court’s permission is needed to convene the meetings of members and creditors to ...
Response to FCA on Platforms Study Sep 2018
Press Release 106 - Joint Press Release from UKSA and ShareSoc on behalf of individual investors about the FCA Investment Platforms Market Study Interim Report
In a hard-hitting response to the Financial Conduct Authority, UKSA-ShareSoc demand a more fundamental review of how investment ownership is recorded (i.e. share and fund registration systems) needs to be undertaken and legislation put in place to reform it. The present systems appear to have been devised for the primary benefit of the platform operators and not their clients, ...
UKSA and ShareSoc Joint Recommendations for Voting re Unilever Resolutions
Unilever’s proposal to rationalise its share structure and move its HQ to the Netherlands
Many members will be aware that Unilever is planning to simplify its share structure by scrapping its dual UK / Dutch structure and moving its headquarters to the Netherlands. UKSA and ShareSoc are very doubtful whether these changes will be in the best interests of most private shareholders.
Unilever's plans will result in their plc shares being taken over by NV shares, which will be listed in Holland and ...
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