Hybrid AGMs

Policy and Campaigns – Progress Update 14 June 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 ...
Post Date: June 14, 2021 Read more

FRC new report on AGMs and best practices

A ShareSoc News article written by Cliff Weight, Director This is an excellent report. The FRC appear to have taken on board many of the points we raised. I particularly liked the recommendations that investors provide their email address to the company/registrar to facilitate communication; and the description of the purpose of the AGM- The Annual General Meeting (AGM) is an essential governance event for companies and their shareholders. It should provide transparency, accountability and integrity, to company governance and decision-making. It is ...
Post Date: October 7, 2020 Read more

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

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 ...
Post Date: August 7, 2020 Read more

AGMs- ShareSoc and UKSA write to FRC again

We have written to the FRC, again, about AGMs. Our note, written by Peter Parry, also contained some detailed analysis by UKSA member Phil Clarke (below). The email was written before the FRC published its latest guidance note, which is available here https://www.frc.org.uk/getattachment/e3224310-c39c-4b48-b56b-cc703936beeb/Updated-QA-AGMs-Best-Practice-Final.pdf To Jen Sisson, FRC Chief of Staff and Company-Investor Engagement Dear Jen, I am forwarding an email thread about AGMs initiated by UKSA member Phil Clarke. Much of it is already known to the FRC following Phil's contact with Sara at ...
Post Date: June 14, 2020 Read more

AGM – scope for change

There is an excellent FT article on AGMs  https://www.ft.com/content/1209fa2f-30a9-4a16-bcee-65743814acc2 (11 June 2020) which quotes me in some detail: Cliff Weight, from the individual shareholders group ShareSoc, says he is concerned that some companies see AGMs as a “waste of time and unnecessary, apart from the formalities” required by law. He fears some will use the disruption caused by the pandemic to rubber stamp bad practices, such as by making it harder for investors to question the board. ShareSoc believes a move towards live AGM ...
Post Date: June 11, 2020 Read more

FT, 11 June 2020, Coronavirus Casts Doubt on Future of AGMs

There is an excellent FT article on AGMs  https://www.ft.com/content/1209fa2f-30a9-4a16-bcee-65743814acc2 (11 June 2020) which quotes me in some detail: Cliff Weight, from the individual shareholders group ShareSoc, says he is concerned that some companies see AGMs as a “waste of time and unnecessary, apart from the formalities” required by law. He fears some will use the disruption caused by the pandemic to rubber stamp bad practices, such as by making it harder for investors to question the board. ShareSoc believes a move towards live AGM ...
Post Date: June 11, 2020 Read more

AGMs – a great webinar from CSFI

I think you will find this well worth listening to. It is 46 mins. It is a bit technical, so educational for some ShareSoc members and intellectually stimulating for others. CLICK HERE TO WATCH The CSFI has produced a new discussion, titled 'Virtual AGMs: just the start of overdue changes in the way companies communicate with shareholders' Why you should watch: Technology has made it easier to run virtual AGMs, but barriers remain between the end investor – especially in pooled accounts – and ...
Post Date: June 10, 2020 Read more

LeaderSomero AGM: A Good Attempt

I would like to commend Somero (AIM:SOM) for making a good attempt to engage with investors at the their AGM, despite Covid-19 restrictions. Their approach contrasts with that of many companies that have ducked the issue and simply closed their AGM to shareholders. Ahead of their AGM today, Somero announced web and telephone access for their AGM, which I have just participated in. The web link allowed audio access and gave shareholders the ability to ask questions. The technology worked well and ...
Post Date: June 9, 2020 Read more

The New Corporate Insolvency and Governance Bill

The Government has introduced the Corporate Insolvency and Governance Bill into Parliament. This is quite an important piece of legislation for share investors and for property investors. Insolvency practitioners will also be interested as it makes substantial changes to that area. It’s had very little media coverage though as the news channels are swamped by coronavirus news, debate over Dominic Cummings breaking the lock-down (or not depending on your point of view) and Brexit news. The Bill is being “fast tracked” through ...
Post Date: May 28, 2020 Read more