ShareSoc News

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 ...

BHP Billiton Retail Shareholder Event 18 Sept 2018

BHP Chairman Ken MacKenzie presented to 60+ retail shareholders in a highly successful event organised by BHP, UKSA and ShareSoc. After a 20 minute presentation, Ken answered questions for...

ShareSoc Remuneration Guidelines to be publicised more widely

Remuneration continues to be a key issue for investors and the ShareSoc Remuneration Guidelines, first published in June 2106, are proving to be helpful. ShareSoc strongly encourages members to send copies of our guidelines to companies where they are unhappy with the current remuneration arrangements. We have now split the guidelines into separate documents which focus on (i) smaller companies (<£200m market cap) and (ii) larger companies. Click below to download the guidelines: Smaller Companies Remuneration Guidelines (14 pages) Larger Companies Remuneration Guidelines (12 pages)  We ...

ShareSoc+UKSA demand firmer, faster action from the FCA in our joint response to Duty of Care consultation

In a considered joint response, the UK Shareholders Association and ShareSoc, said firmer and faster, transparent action against those who violate the integrity of the FCA standards, rules and guidance is needed. In practically every financial scandal or financial crisis, the FCA seems to have taken far too long to decide whether companies/firms/individuals have a case to answer and too often has concluded that nothing has gone seriously wrong. If this fundamental issue is not addressed, then no amount of debate ... Read more