PRESS RELEASE 63 (10/2/2015)
ShareSoc has been campaigning for more rights for shareholders and we have now launched specific proposals on how we believe share trading should be reformed. In particular our proposals are aimed at tackling the loss of voting and other rights that currently arises from the use of stockbroker nominee accounts.
Our suggestions include:
The development of a new low cost electronic trading facility as recommended by the Kay Review, and which is also required to meet the need in the ...
The following was a response made to HM Treasury’s consultation on Tax-advantaged Venture Capital Schemes (VCT, EIS and SEIS schemes): Venture Capital Schemes
PRESS RELEASE 58 (02/09/2014)
Guaranteed Rights for All Shareholders -Campaign launch meeting
On October 14th ShareSoc is launching a campaign to give full rights to ALL shareholders.
Shareholders Disenfranchised and Rights Undermined
At present most private investors purchase shares in nominee accounts. With a very few exceptions this means that they have no automatic rights to vote, to attend General Meetings of companies or even receive information on the affairs of the company. The nominee system disenfranchises the vast majority of private shareholders. As a ...
PRESS RELEASE 59
New boards elected at Oxford Technology VCTs, after campaign by ShareSoc.
Today all four of the Oxford Technology VCTs held their Annual General Meetings.
The meetings were well attended as Oxford Technology VCT (OXT) and Oxford Technology 3 VCT (OTT) previously had their VCT status withdrawn by HMRC, although this has now been temporarily "set aside" while an appeal is processed. ShareSoc formed a "Shareholder Action Group" with a committee of interested shareholders to make representations on this matter and protect ...
PRESS RELEASE 57 (31/07/2014)
The Oxford Technology VCT (OXT) and Oxford Technology 3 VCT (OTT) previously had their VCT status withdrawn by HMRC, although this has now been temporarily "set aside" pending an appeal. ShareSoc formed a "Shareholder Action Group" with a committee of interested shareholders to make representations on this matter and protect their interests.
We also pushed for changes to the corporate governance of these VCTs including changes in the directors (see the note dated the 1st July on this web ...
PRESS RELEASE 56 (19/05/2014)
ShareSoc launches its First Educational Offer with a Course entitled “The Internet for Investors”
The individual investor community is split. Some individual investors are highly “web-savvy” and benefit greatly from a range of news and information resources that can be used to improve investment performance. Others, however, are stuck in the web “dark ages” and lack the knowledge and confidence to take full advantage of these tools, putting them at a disadvantage.
In line with our stated mission to improve ...
PRESS RELEASE 55 (21/03/2014)
The Oxford Technology VCT (OXT) and Oxford Technology 3 VCT (OTT) have announced that HMRC has withdrawn their VCT status. This has been done because one of the Venture Capital Trust rules is that no more than 15% of a fund can be invested in one company. Both these companies have a holding in Scancell, an AIM listed company, and the share price of Scancell rose rapidly so that the rule was inadvertently breached as a result of ...
PRESS RELEASE 54 (30/01/2014)
Nominee system defeats shareholder voting
ShareSoc has recently issued a survey to our Members and the public covering their voting and attendance at General Meetings and the prevalence of the use of nominee accounts. The results demonstrate that the nominee account system undermines shareholders' ability to vote at the General Meetings of the companies they own.
Nominee accounts are now the commonest form in which investors hold shares in companies (89% of ShareSoc Members held some shares in a nominee ...
The Law Commission have undertaken a public consultation on the "Fiduciary Duties of Investment Intermediaries". ShareSoc’s response is in this document: Fiduciary_Duties