The Times, 23 October 2026, Small shareholders fight takeover rules shake-up

Mark Northway, a ShareSoc director, is heavily quoted in The Times, arguing against a potential weakening of minority shareholder protection.

Specifically, the recommendation from Lord Flint that Schemes of Arrangement, used in nearly all takeovers, have the ‘headcount test’ removed in the Companies Act (75% of all votes cast). So merely a test of 75% of value voted would be enough for a takeover or other scheme to be approved.

He argues, correctly, that weakening these crucial safeguards at exactly the same time as it’s becoming easier for individual investors to actually vote, is counter-productive and inappropriate. The DEMAT taskforce, which ShareSoc is an integral part of, is itself trying to ensure all shareholders are given their shareholder rights, including the vote.

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