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).
December 2018 (Started Dec 2016)
RBS Shareholder committee campaign
Supported by UKSA
Procurement of Audit services
(Kingman Part II)
Sir John Kingman
PP with CW
Joint submission from UKSA and SS
Competition and Markets Authority (CMA) consultation ...
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 ...
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 ...
The letter, headed Complacency on Unilever vote may rebound on UK, said
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 ...
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, ...
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 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...
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)
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 ...
UKSA and ShareSoc responded jointly to Sir John Kingman’s review of the Financial Reporting Council (FRC). We summarised our assessment of the FRC’s current strengths and weaknesses and made suggestions for addressing the weaknesses. The main points we made were:
Our main desired outcome is firmer and faster action against those who violate the integrity of reporting standards. It seems to us (and to the general public) that in practically every financial scandal or financial crisis, the FRC seems to have taken ...