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Voting at General Meetings, Link Asset Services and CentralNic

Post Date: July 24, 2018
CentralNic (CNIC) have announced that the proxy voting forms they sent out to shareholders on the register for their forthcoming General Meeting were invalid as it omitted a signature block. So they have sent them out again. As a shareholder in the company, I spotted the error and simply wrote my name and the date on the bottom of the form and signed it. That should suffice. It is a little known fact that you don’t actually need to use the proxy ...
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Duty of Care or Fiduciary Duty to Investors?

Post Date: July 19, 2018
The Financial Conduct Authority (FCA) have published two papers on their approach to consumers (i.e. retail savers/investors in their terminology). These cover whether a new “Duty of Care”, or...
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Gavin Darby dodges a bullet at Premier Foods AGM

Post Date: July 19, 2018
At the Premier Foods AGM the CEO Gavin Darby survived the "decapitation" attempt with 59% of the votes for his re-election vs 41% against. But its clear that the activist Oasis is not going away any time soon and so the debate about accelerating the reduction of debt with a chosen divestment or two rumbles on. The board are making conciliatory noises and continue to talk to those who attempted the decapitation: "Over recent weeks we have had discussions with a substantial ...
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Who Owns IQE? Nominees And Shareholder Rights. IQE Short update

Post Date: July 16, 2018
IQE is one of the most shorted shares on the stock market, so it is quite important to know who owns the shares and who is short. However, individual shareholders' rights are lost via the nominee system. IQE reporting is an example. Hargreaves Lansdown, Interactive Investor and Barclays own 6.5%, 4% and 4% respectively of IQE (i.e. 15% in total), according to Cannacord Genuity, who provide the data for the IQE annual report, which states: Substantial interests in shares As at 28 February ...
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UK Corporate Governance Code and new Companies (Miscellaneous Reporting) Regulations 2018

Post Date: July 16, 2018
On July 16th, 2018 the FRC published its latest revision of the UK Corporate Governance Code, which is in my view shorter, simpler and better. The code can be read here: https://www.frc.org.uk/getattachment/88bd8c45-50ea-4841-95b0-d2f4f48069a2/2018-UK-Corporate-Governance-Code-FINAL.PDF A summary of the main changes is here https://www.frc.org.uk/getattachment/524d4f4b-62df-4c76-926a-66e223ca0893/Key-highlights-of-the-Code.pdf The FRC have also published a report on their consultation about the Code which explains the changes and the arguments for and against specific changes https://www.frc.org.uk/getattachment/90797f4b-37a1-463e-937f-5cfb14dbdcc4/2018-UK-Corporate-Governance-Code-Feedback-Statement-July-2018.pdf The changes to the Code complement the changes announced by Government in June 2018 to the Companies (Miscellaneous Reporting) ...
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