ShareSoc News

Action following resignation of auditors

As part of their joint work to represent individual shareholders' interests, the ShareSoc and UKSA policy teams continue to press government to improve information transparency for investors. With that aim in mind, UKSA's Policy Director Peter Parry has written to our relevant contact at BEIS, as follows, concerning the issue of auditor resignations: Action following resignation of auditors The Policy teams at UKSA and ShareSoc have been having further thoughts about the action that should be taken by companies when auditors resign the ...

Albion (AAVC): ShareSoc Launches Albion Campaign, Latest News

On 5 August 2019, ShareSoc formally launched a new Campaign, The Albion Venture Capital VCT Campaign see https://www.sharesoc.org/campaigns/albion-vct-campaign/ . ShareSoc, the UK Individual Shareholders Society, is very concerned by proposed changes to the Albion Venture Capital VCT (AAVC) fees charged by its investment manager Albion Capital. We have therefore launched a campaign, seeking members to vote against resolutions 2, 3, 4, 7 and 8 at the Albion Venture Capital AGM  and the GM resolution on 21 August 2019. In addition, we seek ...

Ventus and Ventus 2 – Voting Recommendations from ShareSoc – 28 June 2019

ShareSoc, the UK Individual Shareholders Society, has a campaign called the ShareSoc VCT Investors Group who campaign against egregious fees and long tenure NEDs and is supportive of the Ventus shareholder resolutions submitted by the Requisitioners.  Some of the background is in my 18 June blog https://www.sharesoc.org/blog/vcts/vct-investor-group-ventus-ventus-2-vct-shareholder-resolutions/ We welcome the changes recently announced and we are glad that the Boards have responded to shareholder concerns and have engaged with ShareSoc. ShareSoc’s recommendations for the Ventus and Ventus 2 AGMs which are being held ...

Royal Mail – ShareSoc supports new pay policy

At the 2018 Royal Mail AGM, over 70% of shareholders voted against the remuneration report. Following extensive consultation, the Royal Mail have developed a new remuneration policy. As part of the consultation they consulted with the UK Shareholders' Association and ShareSoc members. On balance we recommend members to vote for the new remuneration policy and the remuneration report at the upcoming AGM, which is (sadly) inconveniently located in Exeter. Below is the content of a letter we have written to Royal Mail: 20 ...

Response to FCA CP19/12 Consultation on Investment Platforms Market Study Remedies

In a joint response from UKSA and ShareSoc on behalf of individual investors, to the FCA CP19/12 Consultation on Investment Platforms Market Study Remedies, we said: As noted in para 1.6 of CP19/12, the consultation paper will also be of interest to representative industry bodies and consumer groups.  Individual consumers may also find it of interest, and their feedback is welcome.We represent “consumers[1]”, although we prefer the term ‘investors’. To inform our response, ShareSoc undertook a survey of our members in April-May 2019 ...

UKSA-ShareSoc joint response to Brydon Review of Audit

UKSA-ShareSoc submitted a joint response to the Brydon REVIEW INTO THE QUALITY AND EFFECTIVENESS OF AUDIT  We said a fresh approach was needed. Many of the questions in the Review overtly or implicitly prompt debate about how the external audit can be made more robust and more relevant in future. Underlying this is a requirement to find ways of making auditors more accountable to those they are meant to be serving – namely the shareholders. Our view is that this cannot be achieved ...

Response to BEIS on the FRC Kingman proposals

In a detailed joint ShareSoc-UKSA 12-page Response to BEIS on the FRC Kingman proposals, we said we support the general thrust of the Kingman proposals. Kingman is proposing a new authority to replace the FRC. We also made some more general points: Sound financial reporting is a basic prerequisite for good stewardship. However, no matter how good the financial reporting is, if a significant proportion of investors are disenfranchised and unable to make their voice heard, many of the benefits of better financial reporting will ...

ShareSoc and UKSA make joint response to FCA/FRC Consultation on Effective Stewardship

In January 2019, the FCA and FRC  issued a joint discussion  paper DP19/1 Building a regulatory framework for effective stewardship. On 15 April 2019, we made a joint response from UKSA and ShareSoc on behalf of individual investors. In our response we make the following key points: Investor stewardship must not let boards off the hook for their own stewardship. The Stewardship Code should be renamed the Investor Stewardship Code to better reflect what investors do and to better acknowledge the role of ...

RBS Shareholder Committee Campaign: Update 15

RBS Shareholder Committee Campaign: Update 15 - Resolution has been accepted and is on the AGM agenda The Shareholders Circular and notice of the AGM was sent out on 18 March to all shareholders on the register, along with a copy of the annual report (only 267 pages this year), headed “Building a simple, safe and more customer-focused bank”. You only get a paper copy of the annual report if you asked for it. Those people who have invested in RBS shares via ...

FRC Reporting Lab survey of investors views of the topics they should review

Dear Member,  The FRC is doing a survey of investors views of the topics that the Reporting Lab should look at over the next few years. The link to the survey is: https://www.smartsurvey.co.uk/s/labsurvey11/ Please do respond if you can; it should only take about 5  minutes to complete (I just did it and it took me 7 minutes but I wrote lots of comments). The FRC runs an excellent investor engagement programme of which the Reporting Lab forms an important part. The FRC is very ...