5 years on and the FRC has fined KPMG for its performance over Quindell. It has taken far too long. The settlement received a huge amount of coverage in the press, e.g. https://www.ft.com/content/e8ce1a30-6d3d-11e8-852d-d8b934ff5ffa
The FRC's official announcement can be found here: https://www.frc.org.uk/news/june-2018/sanctions-in-relation-to-the-audit-of-quindell-plc
The KPMG fine of £3.15 million is derisory. It is absurd when compared with the (£2bn) shareholder losses as a result of being misled by the accounts. The average KPMG partner was paid £519k in 2018, and many were paid more. To ...
We have submitted jointly with the UK Shareholders Association our response to the consultation on Insolvency and Corporate Governance. The response was written by Cliff Weight - Director, UK Individual Shareholders Society (ShareSoc) and Peter Parry - Policy Director, UK Shareholders' Association.
Click here to read it.
The BEIS Commons Select Committee have today published a strongly worded report on Corporate Governance after its recent hearings on the subject. Here are some of the key points they make:
They agree with the Prime Minister that high levels of executive pay need to be tackled "for the benefit of society as a whole". They forcefully recommend that Long Term Incentive Plans (LTIPs) should be abolished as soon as possible because they create perverse incentives and are often a way to ...
PRESS RELEASE 83 25/10/2016
ShareSoc (the UK Individual Shareholders Society) has today submitted its written evidence to the Business, Innovation and Skills Committee inquiry on corporate governance.
The goal should be to get more power back to the ultimate investors. This can be achieved by:
Ensuring that individual shareholders can exercise their rights, even if their shares are held in nominee accounts.
ShareSoc, if sufficiently well resourced, can play a role by ensuring that individual shareholders are educated about their rights and ...