voting

Premier Foods, stock lending, custodians, shareholder rights and nominee accounts

The background to my comments is below: KATE BURGESS in the FT on 15 July 2018 reported that accusations of empty voting — where investors borrow voting shares for short periods to swing the outcome at meetings —reverberated around the market ahead of Premier Food’s shareholder meeting next week. They were sparked when Oasis Management , the Hong Kong activist hoping to unseat Premier’s chief executive Gavin Darby, said it had increased its stake in the owner of Angel Delight from 9 to ...

Abcam, Voting and Non-Executives

I am a long-standing holder of Abcam (ABC) and have been very happy with my investment – a compound annual return of 33% p.a. since I first purchased the shares in 2006 according to ShareScope. But the notice of this year’s AGM (to be held in Cambridge as normal) has made me unhappy for other reasons. Firstly, I tried to vote. Rather than use the paper proxy voting form (I am on the register so I get one) I thought it would ...

It’s Getting More Difficult to Vote

It’s certainly getting more difficult to vote of late, and I am not talking about voting at General Elections but just for resolutions at the General Meetings of companies we own. This seems to be a particular problem with Capita Registrars. Here’s some examples: Whitbread: As a personal crest member, I am on the register and expect to be sent an annual report and proxy voting form (and at least the latter on paper). But no longer it seems. Whitbread only ...

Voting Your Shares – It’s Important!

The main Annual General Meeting season is now upon us and those investors who hold their shares on the register will have been receiving Annual Reports on paper or electronically. If you hold your shares in a nominee account, some brokers will send you an Annual Report or notify you of when an AGM is coming up. Otherwise you'll need to monitor company announcements. But the key thing is to VOTE YOUR SHARES. You are after all a part owner of the ...

Shareholder voting, remuneration and BG Group

Manifest, a proxy advisory service, have reported on the voting at Annual General Meetings recently. It was good to read that there was significant opposition to the change to 14 days notice at the General Meetings of both Arm and Anglo-American - 18% at the latter and even higher at the former. This commonly arises where there are substantial overseas holders who find difficulty in getting in their proxy votes in time because of the complexity of the voting chain. But ...

Shareholder Rights campaign launched

Last week ShareSoc launched a campaign to improve shareholder rights with a meeting in London. It focussed on the problems associated with nominee accounts and the adopted legal requirement to replace paper share certificates with an electronic system in a few years time. There was an impressive line-up of speakers at the meeting which included John Kay (author of the Kay Review and FT writer), Michael Kempe from Capita representing the ICSA Registrars Group, Peter Swabey from ICSA, John Lee (Lord Lee ...

Nominee system defeats shareholder voting

ShareSoc  has recently issued a survey to our Members and the public covering their voting and attendance at General Meetings and the prevalence of the use of nominee accounts. The results demonstrate that the nominee account system undermines shareholders' ability to vote at the General Meetings of the companies they own.Nominee accounts are now the commonest form in which investors hold shares in companies (89% of ShareSoc Members held some shares in a nominee account, as opposed to the use of ...