ShareSoc News

Albion Venture Capital (AAVC) Update 4, 14 Oct 2019

AAVC Chairman Richard Glover invited ShareSoc to a meeting to discuss our concerns as part of his process to engage with Shareholders, following the 30% vote against the new management agreement voted on at the EGM in August 2019 and the very extensive questioning at the AGM (see the AGM write up by Tim Gratton https://www.sharesoc.org/agm-reports/d4t4-solutions-d4t4-agm-report-2/  and my own report https://www.sharesoc.org/blog/vcts/albion-venture-capital-vct-aavc-agm-result-and-actions/ . AAVC is engaging with a broad range of shareholders and has written to about 50% of the larger shareholders who ...

Merger Announcement: ShareSoc and SIGnet

Press release 112 - Merger Announcement: ShareSoc and SIGnet The UK Individual Shareholders Society Limited (ShareSoc) and SIGnet have signed a merger agreement. ShareSoc is the UK's largest private investor organisation, providing a broad range of services to its members and defending the interests of individual investors. The SIGnet educational network provides private investors with the opportunity to meet in small groups to discuss investment topics and strategies, with the aim of becoming better investors. SIGnet was founded by the late John Lander in ...

Response to Market Study on Statutory Audit Services

Response to Initial Consultation on Recommendations by the Competition and Markets Authority Peter Parry and Cliff Weight have written a joint response on behalf of the UK Shareholders’ Association (UKSA) and the UK Individual Shareholders’ Society (ShareSoc). This has been submitted to the CMA. We made these key points: There are a few important and overarching issues which we believe need to be stated: Limitations of the CMA’s remit; the CMA was tasked with looking at the audit market and, in particular, considering ...

Northern Rock Shareholder Action Group

ShareSoc members may not be aware of the the UK Shareholders' Association campaign - Northern Rock Shareholder Action Group. Below is the latest news and a brief update from Dennis Grainger (Chairman of the UKSA Northern Rock Small Shareholder Action Group) – 28th July 2019. As can be well imagined this had been a very quiet year with seemingly everything being overtaken by Brexit. Your small (& ageing) committee of volunteers have nevertheless tried our very hardest to keep pursuing our just claim - on behalf ...

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 ...

The Volkswagen DieselGate Scandal

Press release 111 - It is time for a negotiated settlement for European investors: VW has been dragging its feet over European claims The company has paid out 30 billion EUR in the US This approach is unfair and unjust to European investors Delaying tactics have not worked; legal pressure is mounting The two leading investor protection associations call for a negotiated settlement The World Federation of Investors and BETTER FINANCE, the two leading investor protection associations, have ...

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 ...