AGMs

FCA AGM questions – Response to ShareSoc question on financial education

Post Date: October 19, 2021

Asking a question at an AGM is often a good way to get access to the Board and force them to engage on a key issue. This approach worked well with the FCA, where I submitted three questions and one of which, on financial education, was answered in the live part of the meeting. Page 18 of the written record of the meeting records that I asked FCA Chair Charles Randell: Will the FCA support greater financial education in schools and in the wider world, ...

Policy and Campaigns – Progress Update to 12 October 2021

Post Date: October 14, 2021

Since June 14 (see https://www.sharesoc.org/sharesoc-news/policy-and-campaigns-progress-update-14-june-2021/ for previous update), ShareSoc's Policy and Campaigns' team have worked on: Woodford Campaign: Leigh Day have submitted their claim. They now have 11,000 claimants and another 3,000 registered, but yet to sign their Leigh Day agreement. We held a very successful webinar on 30 Sept with 942 registrants. ShareSoc’s Woodford Campaign now has over 1,500 members, which enables us to lobby strongly for regulatory change and to hold to account those who have done wrong. ...

Policy and Campaigns – Progress Update 14 June 2021

Post Date: June 14, 2021

ShareSoc News Item by Director Cliff Weight In May and early June, we worked on: Woodford Campaign: Leigh Day received their response from Clifford Chance to their LBA (Letter Before Action). It looks like the case will go to court but it could take 3 more years. Leigh Day remain the only claim with insurance and funding in place. Harcus Parker have funding but do not have ATE insurance. RGL have neither insurance nor funding (other than funding for an initial ...

Unanswered Questions at Eleco

Post Date: May 22, 2021

I received an unhelpful response to a question today (19th May) from Eleco (ELCO). I have been a shareholder for some time in this construction software company. The company announced on the 26th of April that it had received a requisition notice that covered resolutions to reappoint two directors, that all directors stand for re-election at future AGMs and that the remuneration committee report be approved. It was certainly unusual that such resolutions were not on the AGM agenda on the 6th ...

Policy and Campaigns – Progress Update to 30 April 2021

Post Date: May 3, 2021

In April 2021, we worked on: Woodford Campaign: Leigh Day are the only claim with insurance and funding in place. Harcus Parker have funding but do not have ATE insurance. RGL have neither insurance nor funding (other than funding for an initial step). Leigh Day (whose claim ShareSoc have endorsed) now have c 10,000 claimants registered and are the leading claim. Sirius Minerals Shareholder Group, Sirius Claim Group: A 20 page review of the evidence was finalised in April ...

Daily Mail, 2 May 2021, Aviva Investor Revolt

Post Date: May 2, 2021

The Daily Mail quoted ShareSoc Director Cliff Weight in its 2 May Aviva article https://www.thisismoney.co.uk/money/markets/article-9535371/Aviva-faces-investor-revolt-preference-shares-scandal.html Aviva faces an investor revolt this week after angering shareholders by deciding not to claw back fees from directors who oversaw a preference shares scandal. The insurer was rocked in 2018 when it said it was considering buying back shares marketed as 'irredeemable' for less than they were trading at. It reneged on the announcement days later, by which time the shares had tumbled. It was forced to compensate investors. ...

Accessing Virtual Shareholder Meetings

Post Date: April 21, 2021

It is an unfortunate feature of Covid regulations that many companies have used the waivers contained in those regs to avoid meeting with their shareholders at AGMs. It is therefore gratifying to see that some companies are at least making some effort to provide a virtual forum to meet investors. Two companies that I follow which have offered such forums are the RIT Capital Partners investment trust (RCP) and AstraZeneca (AZN). Unfortunately, however, there is a snag. RCP say: You will be able to ...

Strategic Equity Capital GM

Post Date: March 22, 2021

SEC still has a 20% discount (258p share price versus 312p NAV) and the Directors own pitifully few shares so have little skin in the game and no incentive to sort this out. I have registered my protest vote, via interactive investors' excellent voting platform (NOTE TO HARGREAVES LANSDOWN - you really ought to provide a better voting service to your customers). I think my vote is a protest vote as it looks likely the directors will win. Other shareholders should consider ...

Telegraph, 23 Feb 2021, How to use your broker to hold your investments to account

Post Date: February 24, 2021

The Telegraph wrote a useful article about AGMs and voting. see https://www.telegraph.co.uk/investing/shares/use-broker-hold-investments-account/ It was headed How to use your broker to hold your investments to account But the real story was in the byline - Stockbrokers require investors to jump through lots of hoops to register their vote. It also explained the problems and quoted ShareSoc: However, new investors might not know that owning company shares comes with part ownership of a company – and with it the right to vote on issues at their annual ...

FT, 17 Jan 2021, UK Companies Warned Against Shutting Investors Out of AGMs

Post Date: January 17, 2021

https://www.ft.com/content/64717715-98aa-415b-84e9-83764ae83d6f Cliff Weight, a director of ShareSoc, a shareholder organisation, said the introduction of a so-called hybrid approach — with both a physical and virtual element — was “a huge step forward” during the pandemic, with many more people attending AGMs and pre-AGM webinars than in the past.

Supermarket REIT: Show of Hands Vote at Closed Meeting

Post Date: October 5, 2020

Whilst being a good company in most respects, it is a shame that Supermarket REIT (SUPR) has blotted its copybook with an undemocratic general meeting. A general meeting was held today (5th October), to approve the issue of shares in order to expand the REIT. The notice of meeting says: However, you are reminded that in light of social distancing measures imposed by the UK government as a result of the current COVID-19 Pandemic, any member seeking to attend the meeting in person ...

FT, 7 Aug 2020, Will Digital AGMs Replace Meeting Directors Over a Prawn Sandwich?

Post Date: August 7, 2020

The article https://www.ft.com/content/293817d5-4d70-44c6-bf49-148b2baff59f quoted ShareSoc Patron Lord Lee and ShareSoc Director Cliff Weight: ...For some investors, the reason to attend an AGM is in the chance to interact with a company in person, lost in a virtual world. “The value is in the margins, over coffee before and in the half-hour afterwards over a buffet lunch or another coffee,” says Lord John Lee, the private investor and FT columnist [and ShareSoc Patron]. “The board will always stay around for a period to ...

AGMs

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