Policy and Campaigns – Progress Update 31 March 2021

In February and March 2021, we worked on:

1.             Woodford Campaign: Leigh Day now have their funding and insurance in place and have submitted their letter before action (LBA). 947 people registered for the joint ShareSoc/Mello event on 9th March which went well with much very positive feedback.

2.             Sirius Minerals Shareholder Group: We continue to review the evidence and hope to move to the next stage soon.

3.             Voting Guidance and Shareholder engagement: We continue to test our new ideas with a pilot study of FTSE30 companies. Reports have been published for Compass and Imperial Brands.

4.             Aviva Remuneration Review following FCA Censure over Irredeemables Scandal: The Aviva AGM is on 6 May and we are deciding our next steps.

5.             Takeover announcements: Following our press release, a second letter from  Lord Lee to The Takeover Panel and a large article in the Times, Lord Lee and ShareSoc Chair Mark Northway were invited to a meeting with The Takeover Panel.

6.             Consultation responses were made to:

• • FRC: revised review standard (ISRE (UK) 2410) for interim financial statements
  • HM Treasury: The Future Regulatory Framework (FRF) Review
  • UK Parliament Committee: Future of Financial Services post BREXIT transition
  • FRC’s Draft Plan and Strategy and Budget 2021/ 2022
  • FRC: Proposal to revise the UK’s Quality Management Standards.

We have also input into the FRC’s working party on AGMs.

7.             SVS/ITI: we continue to provide a Support Group to help those who assets were with SVS which went into administration and were transferred to ITI.

8.             Liquidity, AIM and LSE regulation and spreads: We are active on a number of fronts. We met with LSE on 16 March and this was a key area for discussion alongside our concerns about Placings and market movements prior to placings.

9.             VCT Investors Group. 117 people registered for our 23 March 2021 webinar and at least 94 attended, much higher than the 26 the previous year at the East India Club. The organisers received much positive feedback, for which they are grateful, and indicates that similar future events should be planned.

Cliff Weight, Director, ShareSoc