PRESS RELEASE 63 (10/2/2015)
ShareSoc has been campaigning for more rights for shareholders and we have now launched specific proposals on how we believe share trading should be reformed. In particular our proposals are aimed at tackling the loss of voting and other rights that currently arises from the use of stockbroker nominee accounts.
Our suggestions include:
The development of a new low cost electronic trading facility as recommended by the Kay Review, and which is also required to meet the need in the next few years to replace paper share certificates because of the EU CSDR regulations.
The mandating of the offering of the above by stockbrokers, if no other alternative system is readily available that enables investors to retain all their rights and hence avoid the use of nominee accounts if they so wish.
The need to discourage the use of nominee accounts by Government regulation.
A proposal that pooled nominee accounts be banned with only designated nominees permitted.
That all beneficial owners be placed on the share registers of companies so that they can be easily provided with information, voting and other rights.
That share registers be brought into the modern electronic age and associated regulations changed to ensure shareholder democracy is adequately supported.
That investors in ISAs, SIPPs and in AIM shares are not disadvantaged in any way, as at present.
Our proposals are contained within this document: https://www.sharesoc.org/Reforming-
Further background on our campaign for investor rights is available from this page of our web site: www.sharesoc.org/campaigns/shareholder-rights-campaign/
For further information, please contact:
Deputy Chairman, ShareSoc
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