ShareSoc News

How to ask Questions at AGMs

The furore caused by a few grumpy old misogynistic men asking questions at the Aviva AGM is huge. It casts a terrible image and is totally unrepresentative of the vast majority of individual investors who are professional and courteous. ShareSoc totally disapproves of the appalling conduct of certain shareholders at the Aviva AGM. See https://www.ft.com/content/01b723f1-1a7b-4096-86be-95148eb8aca0 (subscription required)   and https://www.thisismoney.co.uk/money/markets/article-10806369/Aviva-boss-hit-misogyny-City-sexism-storm-AGM.html Amanda Blanc said: 'After 30-plus years in financial services, I am pretty used to sexist and derogatory comments. 'Sadly, just like many other women in ...

Investment Trust Discounts – Update re Rockwood Realisation and implications

The proposed wind-up of the £40.7m Rockwood Realisation investment trust – formerly called Gresham House Strategic – has been overturned following its annual general meeting on 25 April 2022. More than 95% of shareholders voted for proposed changes in the investment strategy to take place as opposed to a wind-up of the trust, despite Gresham House calling for a managed two-year wind-down of the vehicle and for the initial return of capital via a B share scheme at the end of last ...

Investment Week announces free access to Key Fund Performance Data

Investment Week has announced free access to download key fund performance data across sectors. All you need to do is register with your email address to access their site for free. https://www.investmentweek.co.uk/analysis/4049079/download-key-fund-performance-sectors-april-2022 Those who invest in Funds and Investment Trusts will find this easy to use free service of interest. It is not 100% comprehensive but appears to be quite useful. It did not take us long to look up the following data, which shows how much better the US shares have performed ...

Taxation Policy

As part of ShareSoc's work, we lobby and represent individual investors, we submit responses to Government consultations and when required we campaign for change. For example, we responded to consultations on and blogged about stamp duty, inheritance tax and capital gains tax. A recent article in the Mail highlighted concerns about a possible wealth tax and we are formulating ShareSoc's position. Please contact us if you wish to join in this debate. The Sunday Times reported on 10 April the debate in the US about a wealth tax, noting "Conceptionally ...

ShareSoc Management Changes

In recent months ShareSoc began the process of transformation to appeal to a wider circle of investors and stakeholders and to accelerate our growth. This revealed fundamental differences of opinion within the board about ShareSoc's purpose and governance, and in particular its role as a campaigning organisation. As a result of those differences several ShareSoc board members have chosen to step down. The Board thanks Sheryl Cuisia, Karin Schulte, Chris Spencer-Phillips for their service and support and wishes them well in their ...

Policy and Campaigns – Progress Update 04 April 2022

Policy and Campaigns – Progress Update 4 April 2022 Since our last update in November 2021 (see page 16 here), we have worked on: 1. Consultation responses and government lobbying 2. Woodford Campaign 3. Voting Guidance and Shareholder Engagement 4. Shareholder Rights/Nominees 5. SVS/ITI 6. FCA liaison 7. FRC, BEIS, etc liaison 8. Campaigns 9. AIM regulation 1. Consultation responses and government lobbying. This continues to be a major area of work, where ShareSoc represents the interests of individual investors. We have submitted responses to: • FRC Endorsement Board – Draft Endorsement Criteria ...

Woodford Campaign Update 8 – 31 March 2022

1.     Leigh Day achieved a significant legal milestone and submitted their court proceedings against Link on 27 September. Leigh Day will shortly be submitting their particulars of claim, which is the next key milestone in the legal process. 2.     ShareSoc is planning a free webinar “Woodford – Real Progress” to update everyone on the latest progress on the claim, and news about regulation, retribution and redress. Please reserve the date - 28 June at 6pm. Further details will be sent out in ...

Former Redcentric Directors Jailed

After a 3 month trial, verdicts have been reached in the prosecution of former Redcentric directors by the FCA. The FCA announced that the former Redcentric CFO had been sentenced to 5½ years imprisonment for two offences of making false and misleading statements to the market, and three offences of false accounting. In addition, the former Finance Director who had pled guilty was sentenced to 3 years imprisonment on charges of making false statements and false accounting. These former directors will also ...

ShareSoc response to FRC Endorsement Board – Draft Endorsement Criteria Assessment: IFRS 17 Insurance Contracts

In a joint UKSA/ShareSoc response on 4 Feb 2022, we said we do not agree with your overall tentative conclusion that IFRS 17 meets the criteria of understandability, relevance, reliability and comparability required of the financial information needed for making economic decisions and assessing the stewardship of management. The consultation paper can be read here: https://assets-eu-01.kc-usercontent.com/99102f2b-dbd8-0186-f681-303b06237bb2/2994263f-e03c-45d4-9fcd-933f0b19cb56/UKEB%20IFRS%2017%20DECA.pdf Our full response can be read here UKEB-Invitation-to-Comment-IFRS-17-ECA-UKSA-ShareSoc-response by Cliff Weight, Policy Director, ShareSoc 

Better Finance finds that commission-based distribution models cost individual investors up to 15% of their investments in sales commissions

ShareSoc is a member of BETTER FINANCE, who represent c. 28 European shareholder organisations. Better Finance have just issued a report that finds that commission-based distribution models cost individual investors up to 15% of their investments in sales commissions and generate conflicts of interest which severely hurt their performance. Click here to read the full press release and access the full report.